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Sucro Announces Agreement for Purchase of Adjoining Chicago Property from Related Party
Sucro Announces Agreement for Purchase of Adjoining Chicago Property from Related Party ...
About this update from Sucro Limited
[{"type":"text","content":"\n\n\n\n Sucro Announces Agreement for Purchase of Adjoining Chicago Property from Related Party\n \n\n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n \n\n\n\n\n\n Canada NewsWire\n \n\n\n\n\n\n CORAL GABLES, Fla.\n \n\n ,\n \n\n Jan. 16, 2025\n \n\n /CNW/ - Sucro Limited (TSXV: SUGR) (OTCQB: SUGRF) (\"\n \n Sucro\n \n \" or the \"\n \n Company\n \n \"), 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 \"\n \n Agreement\n \n \") with a related party for the purchase of a commercial property adjoining Sucro's cane sugar refinery development site in\n \n University Park, Illinois\n \n , a suburb of\n \n Chicago\n \n . 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\n \n Matthew Dyer\n \n , Sucro's Vice President of U.S. Sales, is the controlling shareholder.\n \n\n\n\n\n\n\n\n\n Under the Agreement, a subsidiary of the Company will acquire the property for a purchase price of approximately\n \n US$1.043 million\n \n . The purchase price will be satisfied by the assumption of mortgage indebtedness and cash.\n \n\n The proposed transaction is considered to be a \"related party transaction\" under Multilateral Instrument 61-101 -\n \n Protection of Minority Security Holders in Special Transactions\n \n (the \"\n \n Rule\n \n \") and TSX Venture Exchange Policy 5.9 (the \"\n \n Policy\n \n \"). 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 re...