Viterra Inc.

Viterra Inc.

May 09, 2008 09:22 ET

Viterra Closes $400 Million Common Share Offering and Underwriters Exercise Over-Allotment Option

REGINA, SASKATCHEWAN--(Marketwire - May 9, 2008) -


Viterra Inc. (TSX:VT) ("Viterra") today announced that the company has closed its common share offering, announced on April 21, 2008. Viterra issued 28,600,000 common shares, on a bought deal basis at a price of $14.00 per common share to a syndicate of underwriters co-led by TD Securities Inc. and Genuity Capital Markets. The syndicate of underwriters also includes National Bank Financial Inc., Scotia Capital Inc., UBS Securities Canada Inc., BMO Capital Markets, HSBC Securities (Canada) Inc., and RBC Capital Markets (the "Underwriters"). Viterra received gross proceeds of $400.4 million from the offering (net proceeds of $383.7 million after underwriting fees and estimated expenses of $650,000). Viterra now has 232,759,188 common shares issued and outstanding.

The Underwriters have also exercised, in full, the over-allotment option to purchase an additional 4,290,000 common shares at a price of $14.00 per common share for additional gross proceeds of approximately $60 million (net proceeds of approximately $57.6 million after underwriting fees). The closing of the over-allotment option is expected to occur on May 14, 2008 and is subject to customary closing conditions.

All proceeds from the offering will be used for general corporate purposes, and in particular, are expected to be used to fund future acquisitions.

The common shares will not be registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States to any person absent registration or an applicable exemption from registration requirements. This news release shall not constitute an offer to sell or the solicitation of an offer to buy the common shares in the United States.

Viterra Inc. is Canada's leading agri-business, with extensive operations and distribution capabilities across Western Canada, and with operations in the United States and Japan. The company is diversified into sales and services of crop inputs and equipment, grain handling and marketing, livestock feed, agri-food processing and financial products. These operations are complemented by value-added businesses and strategic alliances, which allow Viterra to leverage its pivotal position between Prairie farmers and destination customers. The company's common shares are listed on the Toronto Stock Exchange under the symbol VT.

Certain statements in this news release including, but not limited to, the statement relating to the expected use of the proceeds from the offering are forward-looking statements and reflect Viterra's expectations regarding future results of operations, financial condition and achievements. A number of factors could cause actual results to differ materially from expectations.

Contact Information

  • Viterra Inc.
    Shareholder Inquiries:
    Colleen Vancha
    Investor Relations and Corporate Affairs
    (306) 569-4782
    Viterra Inc.
    Media Inquiries:
    Peter Flengeris
    Investor Relations and Corporate Affairs
    (306) 569-4810