The financing plans include: a rights offering to purchase common shares in Ceres (TSX: CRP) for proceeds of $70 million and a senior secured term loan in the amount of $30 million US to replace the current $20 million US bridge loan.

“These financing proposals are critical milestones for Ceres as it ramps up the construction and development of Northgate,” said Patrick Bracken, president and CEO of Ceres, in a news release. “They will provide the needed capital for the construction of the remaining rail infrastructure, as well as the temporary and permanent grain transload facilities at Northgate.”

Ceres owns 1,500 acres of land at Northgate where it’s constructing a new commodity logistics hub, capable of handling unit trains of up to 120 railcars. A temporary grain handling facility is set to receive grain this fall, with wheat and oats stored on site for export delivery by railcar.

The Northgate Commodity Logistics Hub is a $90-million grain, oil and oilfield supplies transloading site being developed in conjunction with Riverland Ag Corp., which is connected to the Burlington Northern Santa Fe (BNSF) Railroad and expected to open in 2014.

The Northgate Hub will connect to the BNSF Railway network, giving shippers direct access to 28 American states, numerous Pacific and Gulf ports, and Mexico, along BNSF’s 32,000 mile network, including over 45 crude-by-rail destinations

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