Viterra Inc.
TSX : VT

Viterra Inc.

May 14, 2008 08:58 ET

Viterra's Over-Allotment Option for Common Shares Closes

REGINA, SASKATCHEWAN--(Marketwire - May 14, 2008) -

THIS NEWS RELEASE IS NOT FOR DISSEMINATION IN THE UNITED STATES OR THROUGH UNITED STATES NEWSWIRE SERVICES.

Viterra Inc. (TSX:VT) ("Viterra") today announced it has completed the closing of the over-allotment option exercised by the underwriters, in connection with its recent common share offering. The over-allotment option was exercised in full by the underwriters on May 9, 2008 with an additional 4,290,000 common shares issued at the closing today. This brings the number of common shares issued through Viterra's recent common share offering to 32,890,000. Viterra now has 237,049,188 common shares outstanding.

Viterra raised gross proceeds from the common share offering and subsequent over-allotment of $460.5 million or $441.4 million after underwriting fees and estimated expenses of $650,000. The proceeds from the offering will be used for general corporate purposes, and in particular, are expected to be used to fund future acquisitions.

"The success of our common share offering and fully exercised over-allotment option reflects investor confidence in Viterra and our ability to execute our business strategy," said President and CEO Mayo Schmidt.

Viterra's $400 million common share offering, which closed May 9, 2008, and over-allotment option involved a syndicate of underwriters co-led by TD Securities Inc. and Genuity Capital Markets. The syndicate of underwriters also included National Bank Financial Inc., Scotia Capital Inc., UBS Securities Canada Inc., BMO Capital Markets, HSBC Securities (Canada) Inc., and RBC Capital Markets.

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.
    Peter Flengeris
    Investor Relations and Corporate Affairs
    (306) 569-4810
    Website: Website: www.viterra.ca