FERONIA INC. ANNOUNCES COMPLETION OF FINAL TRANCHE OF US$25 MILLION PRIVATE PLACEMENT
TORONTO, ONTARIO--(Marketwired - Nov. 15, 2013) - Feronia Inc. ("Feronia" or the "Company") (TSX VENTURE:FRN) is pleased to announce that it has completed the final tranche of a previously announced $25 million financing led by CDC Group plc, the UK Government's Development Finance Institution. All amounts in this release are expressed in US dollars unless otherwise indicated. Please refer to the Company's press release dated November 8, 2013 for information regarding the first tranche of the financing.
Pursuant to the final tranche, the Company issued 15,276,800 common shares to a qualifying investor at a purchase price of CAD$0.10 per share for an aggregate purchase price of approximately $1.46 million. The common shares issued pursuant to the final tranche are subject to a statutory hold period which expires on March 15, 2014.
Proceeds from the financing will be used primarily to fund the Company's existing and future oil palm replanting programme. Following completion of the final tranche, Feronia has 551,876,107 issued and outstanding common shares.
About Feronia Inc.
Feronia Inc. is a large-scale commercial farmland and plantation operator in the Democratic Republic of the Congo ("DRC").
The Company uses modern agricultural practices to operate and develop its oil palm plantations and arable farming business division.
Feronia believes in the immense agricultural potential of the DRC for high-quality foodstuffs and edible oils given its ideal climate, excellent soil and highly skilled and experienced workforce.
Feronia's management team is comprised of senior agriculturalists with extensive experience in managing both plantations and large-scale mechanized farming operations in emerging markets.
Feronia is committed to sustainable agriculture, environmental protection and providing support for local communities.
Except for statements of historical fact contained herein, the information in this press release constitutes "forward-looking information" within the meaning of Canadian securities law. Such forward-looking information may be identified by words such as "anticipates", "plans", "proposes", "estimates", "intends", "expects", "believes", "may" and "will". There can be no assurance that such statements will prove to be accurate; actual results and future events could differ materially from such statements. Factors that could cause actual results to differ materially include, among others, the inability to obtain the additional subscription funds on terms acceptable to the Company or at all, regulatory risks, risks inherent in foreign operations, commodity prices, competition, and investments having no history of operations. Most of these factors are outside the control of the Company. Investors are cautioned not to put undue reliance on forward-looking information. Except as otherwise required by applicable securities statutes or regulation, the Company expressly disclaims any intent or obligation to update publicly forward-looking information, whether as a result of new information, future events or otherwise.
Neither the TSX Venture Exchange nor its regulation services provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.