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Whitebox sells Riverland to Ceres in US$77.6 million deal

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Whitebox Advisors, LLC

On June 11, 2010, Ceres Global Ag Corp. completed the acquisition of all of the shares of Whitebox Commodities Holdings Corp, operating under the name "Riverland Ag", from various funds advised by Whitebox Advisors LLC. Riverland Ag is an agricultural grain supply chain ingredient company that owns and operates a number of grain storage and handling facilities in Minnesota, North Dakota, New York and Ontario. The purchase price was US$51.4 million in cash, subject to certain post-closing adjustments, 2,904,889 common shares of Ceres (listed on the TSX) representing approximately US$24.6 million and 150,000 common share purchase warrants exercisable at $10.40. Whitebox was advised by a team led by Mark Strefling, Chief Legal Officer at Whitebox Advisors, and assisted in Canada by Fasken Martineau with a team that included Roxanne McCormick, Aaron Atkinson and Brad Freelan (securities and M&A), Mitchell Thaw (tax) and Douglas New (competition law/Investment Canada).



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