Legume Walker Allies With Scoular
TORONTO - Oct 28/14 - SNS -- Legumex Walker Inc. and The Scoular Company have entered a long-term strategic alliance.
Under the agreement, Scoular will procure all canola seed for processing at Legume Walker's Pacific Coast Canola subsidiary and will market all of the canola meal and canola oil produced by PCC. Scoular will finance the canola seed as well as the meal and oil receivables; and Scoular will help drive local seed production in the Pacific Northwest, with a focus on non-GMO and non-GMO high-oleic seed varieties.
Scoular will also invest in a CDN $16.5 million Legumex Walker Inc. convertible debenture that is expected to help link Scoular's marketing and transportation networks to Legumex Walker's specialty crops business. The debenture will have an interest rate of 7.75% and will be convertible at Scoular's option into Legumex Walker common shares at CAD$6.75 per share.
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