Representative Matters

Feronia Inc. Completes Restructuring Transaction

Feronia Inc. (“Feronia” or the “Company”) recently completed a third party sale and restructuring transaction, resulting in the sale of substantially all of the Company’s assets, including its direct and indirect equity interests in its operating subsidiary, Plantations et Huileries du Congo.

In May 2020, the Company appointed Ernst & Young Inc. and Ernst & Young Orenda Corporate Finance Inc. as independent financial advisor to conduct the third party sales process and restructuring. As a result of the sales process, Feronia entered into a definitive purchase agreement with Straight KKM 2 Limited (as amended, the “Purchase Agreement”), which provided for the acquisition by Feronia KNM of substantially all of the Company’s assets. On July 23, 2020, the Company initiated debtor in possession insolvency proceedings (the “NOI Proceedings”) under the Bankruptcy and Insolvency Act (Canada) (the “BIA”). Ernst & Young Inc. was appointed to act as proposal trustee in connection with the NOI Proceedings.

The transaction was completed on November 19, 2020 pursuant to an Order of the Supreme Court of British Columbia in Bankruptcy and Insolvency, in accordance with the terms of the Purchase Agreement. Following completion of the sale transaction, and the expiry of the NOI Proceedings, the Company was declared bankrupt pursuant to the BIA and had its common shares voluntarily delisted from the TSX Venture Exchange.

Aird & Berlis acted on behalf of Feronia with a team composed of Richard Kimel, Amy Marcen-Gaudaur (Capital Markets), Steve Graff, Kyle Plunkett and Nathan Gates (Financial Services).