VANCOUVER, British Columbia, Sept. 10, 2020 (GLOBE NEWSWIRE) -- Feronia Inc. ("Feronia" or the "Company") (TSX-V: FRN) announces that it has obtained an Order of the Supreme Court of British Columbia in Bankruptcy and Insolvency approving the third party sale and restructuring transaction previously announced by the Company.
The transaction is to be completed pursuant to the terms of a definitive purchase agreement with Straight KKM 2 Limited ("KKM"), which provides for the acquisition of substantially all of the Company's assets, including its direct and indirect equity interests in its operating subsidiary, Plantations et Huileries du Congo ("PHC").
The key terms of the transaction are set forth in the press release of the Company issued on July 20, 2020. The transaction is expected to close before October 6, 2020, subject to the completion of certain conditions precedent.
As Feronia will not meet the continued listing requirements of the TSX Venture Exchange (the "TSXV") upon completion of the transaction, Feronia intends to have its common shares voluntarily delisted from the TSXV and will apply to Canadian securities regulators to cease to be a reporting issuer following closing.
For further information please contact:
Executive Chairman, Feronia Inc.
Director of Communications and Corporate Development, Feronia Inc.
44 (0)7554 521421
About Feronia Inc.
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: risks related to foreign operations (including various political, economic and other risks and uncertainties), the interpretation and implementation of the "Loi Portant Principes Fondamentaux Relatifs A L'Agriculture", termination or non-renewal of concession rights or expropriation of property rights, political instability and bureaucracy, limited operating history, lack of profitability, lack of infrastructure in the DRC, high inflation rates, limited availability of debt financing in the DRC, fluctuations in currency exchange rates, competition from other businesses, reliance on various factors (including local labour, importation of machinery and other key items and business relationships), the Company's reliance on two major customers, lower productivity at the Company's plantations, risks related to the agricultural industry (including adverse weather conditions, shifting weather patterns, and crop failure due to infestations), a shift in commodity trends and demands, vulnerability to fluctuations in the world market, the lack of availability of qualified management personnel and stock market volatility. Details of the risk factors relating to Feronia and its business are discussed under the heading "Risks and Uncertainties" in Feronia's Management's Discussion and Analysis for the year ended December 31, 2019, a copy of which is available on the Company's SEDAR profile at www.sedar.com. 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.