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Jun 6, 2019
Feronia Inc. Completes US$19.3 Million Private Placement and Debt Settlement
Feronia Inc. (TSXV: FRN) (“Feronia”) recently completed a US$19.3 million private placement of common shares issued to existing shareholders Straight KKM 2 Limited ("KKM"), CDC Group plc (“CDC”) and Golden Oil Holdings Limited at an issuance price of C$0.075 per share. Based on a fixed exchange rate of C$1.344:US$1.00, as set out in the applicable subscription agreements, Feronia issued an aggregate of 346,062,202 common shares, including 202,702,203 common shares issued in settlement of outstanding short-term debt provided by KKM and CDC in the aggregate amount of approximately US$11.3 million.
Feronia is an agribusiness operating in the Democratic Republic of the Congo. The company uses modern agricultural practices to operate and develop its three palm oil plantations, the first of which was established in 1911. Feronia is committed to sustainable agriculture, environmental protection and providing support for local communities.
The Aird & Berlis LLP team representing Feronia was led by Richard Kimel and included Amy Marcen-Gaudaur and Clair Affleck-Jacques.