Alliance Grain Traders, Inc. (AGT.TO) said that it has signed an exclusive, binding letter of intent to buy all of the assets of Parent Seed Farms, located in St. Joseph, Manitoba for purchase price of C$10 million, payable as to C$9 million in cash and C$1 million in AGTI common shares.
The assets to be acquired include two processing plants, with approximately 51,000 sq. ft of bagged storage and approximately 15,000 MT of bulk product storage, and certain land and equipment.
Following the entry of the binding letter of intent, the parties intend to negotiate the terms of a definitive acquisition agreement. The transaction is currently scheduled to close on or about January 4, 2010. All of the staff and management team will remain with Alliance's new Manitoba Bean Division.
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