Feronia Inc. Announces Unit Offering; Appoints New Chief Financial Officer to Manage Second Growth Phase in Africa
Mar. 13, 2011 (Marketwire Canada) --
TORONTO, ONTARIO --
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Feronia Inc. ("Feronia" or the "Company") (TSX VENTURE:FRN) today announced it has commenced an offering of units of the Company (the "Units"). Each Unit is comprised of one common share in the capital of the Company and one-half of one common share purchase warrant (each whole warrant, a "Warrant"). The final size and other terms of the offering, including the number of Units to be sold, the price per Unit and the exercise price of the Warrants, will be determined after completion of marketing activities and is subject to prevailing market conditions. The offering is being made on a commercially reasonable efforts basis by way of a short form prospectus offering in all provinces of Canada other than Québec through Wellington West Capital Markets Inc. ("Wellington West") and on a private placement basis in the United States and internationally pursuant to available exemptions through Wellington West and Renaissance Capital (together, the "Joint Bookrunners"). The Company intends to use the net proceeds from the offering to expand its oil palm operations and its arable operations and for general corporate purposes. A copy of the preliminary short form prospectus (the "Prospectus") relating to the offering has been filed on SEDAR.
The Company also announced the appointment of Danesh Varma as the new Chief Financial Officer of the Company. James Siggs, Chief Executive Officer of Feronia said: "We are expanding both our oil palm plantations and arable farming operations. To facilitate this growth and anticipated future expansion, we are pleased to welcome Mr. Varma as our new Chief Financial Officer."
Mr. Varma (FCA, ATII) will be responsible for overseeing the second growth phase in the Company's development and expansion plans. Mr. Varma has over 30 years of experience in the international finance and mining sectors. Mr. Varma was formerly President and Managing Director of American Resource Corporation Limited, Dundee Bancorp, Dundee Investment Management and Research Ltd. and Dundee Mutual Funds India, in addition to holding the post of director and Vice President of the Dundee Bank Cayman. He was formerly a director of Northgate Exploration Limited and Westfield Minerals Limited.
Feronia would like to thank its outgoing Chief Financial Officer, Ms. Georgie Cotton, for her contributions to the Company. Ms. Cotton will act as a consultant to Feronia in order to facilitate the changeover.
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.