CORAL
GABLES, Fla., Jan. 16,
2025 /CNW/ - Sucro Limited (TSXV: SUGR) (OTCQB:
SUGRF) ("Sucro" or the "Company"), an integrated
sugar refiner focused primarily on serving North American sugar
markets, announced today that a subsidiary of the Company has
entered into an agreement (the "Agreement") with a related
party for the purchase of a commercial property adjoining Sucro's
cane sugar refinery development site in University Park, Illinois, a suburb of
Chicago. The property to be
acquired consists of 2.42 acres of land and 31,642 square feet of
warehouse and office space and is currently leased by the Company.
It is contemplated that the property will be incorporated
into the Company's previously announced cane sugar refinery
development project at that location. The vendor of the property is
MB Central-Bond LLC, a company in which Matthew Dyer, Sucro's Vice President of U.S.
Sales, is the controlling shareholder.
Under the Agreement, a subsidiary of the Company will acquire
the property for a purchase price of approximately US$1.043 million. The purchase price will be
satisfied by the assumption of mortgage indebtedness and cash.
The proposed transaction is considered to be a "related party
transaction" under Multilateral Instrument 61-101 - Protection
of Minority Security Holders in Special Transactions (the
"Rule") and TSX Venture Exchange Policy 5.9 (the
"Policy"). The proposed transaction is however, exempt from
the formal valuation and minority approval requirements of the Rule
and Policy as the fair value of both the property and the
consideration therefor were less than 25% of the Company's market
capitalization at the relevant time. Completion of the
proposed transaction is subject to all necessary regulatory
approvals, including the approval of the TSX Venture Exchange.
About Sucro
Sucro is a growth-oriented sugar company that operates
throughout the Americas, with a primary focus on serving the North
American sugar market. The Company operates a highly integrated and
interconnected sugar supply business, utilizing the entire sugar
supply chain to service its customers. Sucro's integrated supply
chain includes sourcing raw and refined sugar from countries
throughout Latin America, and
refined sugar from its own refineries, and delivering to customers
in North America and the
Caribbean. Since its inception in
2014, Sucro has achieved growth by creating value for customers
through continuous process innovation and supply chain
re-engineering. Sucro has established a broad production, sales and
sourcing network throughout North
America with two cane sugar refineries and an additional
value-added processing facility, and two cane sugar refineries
under development in Hamilton,
Ontario and University Park,
Illinois (a suburb of Chicago). The Company has offices in
Miami, Mexico City, Cali, Sao
Paulo, and Port of Spain.
For more information, visit sucro.us and follow us on
LinkedIn.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
SOURCE Sucro Limited