click back, CERE< Ceres to Expand Product Development in Sorghum and Sugarcane Under Brazil's Agricultural Innovation Program
The programs will now be funded in part under the Brazilian government's PAISS Agricola initiative, which promotes agricultural innovations in sugarcane as well as other energy crops.
Under the PAISS program, Ceres is eligible for a multi-year credit facility of up to 75.4 million reais, or approximately US$34 million, at a government-subsidized, preferential interest rate. Receipt of the loan will be subject to customary diligence, documentation and closing conditions, and will require guarantees to be provided by or obtained by Ceres. The company was also awarded 10 million reais, or approximately US$4.5 million, in the form of non-repayable grants to be drawn over four years. Ceres expects to complete the application and grant award process by the end of calendar year 2014.
"We were pleased to be selected to participate in this prestigious agricultural innovation program and to receive this clear endorsement for utilizing sorghum and biotechnology in sugarcane to increase production of ethanol and biopower," said Paul Kuc, Chief Financial Officer of Ceres. "The funding will allow us to accelerate our product development programs in Brazil and will extend our capital resources as we continue to develop the commercial markets for our technology and products."
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