SWP Seeks Market Funds for Agricore Bid

TORONTO - Apr 13/07 - SNS -- The Saskatchewan Wheat Pool (SWP) has launched another public market bought deal of subscription receipts at a price of $8.10 per subscription receipt for a total value of $315.9 million.

The funds will be used to help finance the SWP's bid for shares of Agricore United. The subscription receipt offering will be completed on a bought deal basis through Genuity Capital Markets and TD Securities Inc. acting as joint book runners, and including National Bank Financial.

The new subscription receipts will be issued on substantially the same terms as those previously issued, including having the same expiry date of May 31, 2007. Approximately 39 million subscription receipts will be issued.

Each subscription receipt will entitle the holder to receive one common share of the Pool upon the earlier of (i) the date of the first take-up of Agricore's common shares under the Pool's take-over bid and (ii) the date of receipt by the Pool of a final order of a court of competent jurisdiction approving an arrangement involving the Pool, Agricore and the holders of Agricore's common shares under applicable corporate law, pursuant to which, among other things, the Pool will acquire all of the issued and outstanding Agricore common shares.

The Pool has also granted the Underwriters an option to purchase up to an additional 5.85 million subscription receipts on the same terms at any time up to 30 days after closing of the offering, solely to cover over-allotments and for market stabilization purposes.