September 23, 2010 - Toronto, Ontario – Feronia Inc. (TSXV: FRN) (the "Corporation" or "Feronia") is pleased to announce that options to purchase up to 1,105,207 common shares of the Corporation were approved for grant to directors pursuant to the terms of the Corporation's stock option plan and are exercisable for a period of up to ten years at an exercise price equal to $0.60 per common share. The shares will vest on the following schedule: 25% immediately, and an additional 25% each 90 days until they are 100% vested. Stock option grants are subject to necessary regulatory approvals.
Feronia is a large-scale commercial agricultural company currently focused on two operations in the Democratic Republic of Congo - palm oil plantations and arable farmland. The Corporation is engaged in acquiring and consolidating farm land and operations in Africa and rehabilitating them back into production using modern agricultural techniques and practices.
The Exchange has in no way passed upon the merits of the Transaction and has neither approved nor disapproved the contents of this press release. Neither the Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Exchange) accepts responsibility for the adequacy or accuracy of this release. Certain information in this press release may constitute forward-looking information. This information is based on current expectations that are subject to significant risks and uncertainties that are difficult to predict. Actual results might differ materially from results suggested in any forward-looking statements.
The Corporation assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those reflected in the forward looking-statements unless and until required by securities laws applicable to the Corporation. Additional information identifying risks and uncertainties is contained in the Corporation's filings with the Canadian securities regulators, which filings are available at www.sedar.com.