CDC Group plc.

January 29, 2015 13:27 ET

CDC Group Plc. Acquires Securities of Feronia Inc. and Files Early Warning Report

TORONTO, ONTARIO--(Marketwired - Jan. 29, 2015) - CDC Group plc., today announced that it has acquired, by way of a private placement (the Private Placement), a convertible debenture of Feronia Inc. (Feronia) in the aggregate principal amount of US$7,078,500 (the Debenture), representing 99% of all of the convertible debentures issued by Feronia on January 22, 2015 (the Closing Date).

The Debenture bears interest at a rate of 12% per annum, compounded semi-annually and all interest shall accrue and be payable on January 22, 2016 and is convertible into units of Feronia (each, a Unit). Each Unit consists of one common share in the capital of the Feronia (each, a Common Share) and one transferable common share purchase warrant (each, a Warrant). The outstanding principal amount of the Debentures together with all accrued and unpaid interest will be convertible at the option of the holder at any time prior to the date which is one year from the Closing Date. The Debentures are convertible at a conversion price of US$0.80 per Unit, being a ratio of 1,250 Units per $1,000 principal amount of Debenture. Each Warrant shall be exercisable into one Common Share at an exercise price of $0.80 per share for a period of five (5) years from the Closing Date.

CDC currently holds 15,149,600 Common Shares of Feronia representing 27% of the issued and outstanding Common Shares. Assuming that CDC fully converts the principal of the Debentures into Units at the conversion price of CAD$0.80 and fully exercised the Warrants granted thereunder, CDC would hold 37,550,010 Common Shares, representing approximately 48% of the issued and outstanding Common Shares at the time of conversion (based on a total of 55,231,085 common shares issued and outstanding as of January 27, 2015).

CDC has acquired the Debenture for investment purposes. CDC may, in the future, increase or decrease his ownership of securities of Feronia, directly or indirectly, from time to time depending upon the business and prospects of Feronia and future market conditions.

CDC has filed an early warning report pursuant to Multinational Instrument 62-104 Take-over Bids and Issuer Bids on SEDAR (www.sedar.com) under Feronia's SEDAR profile.

For more information or to obtain a copy of the early warning report, please contact:
CDC Group plc.
123 Victoria Street
London SW1E 6DE
United Kingdom
Attention: Edgar Buckley or Rhyddid Carter, Communications Team
Facsimile No.: +44 (0)20 7963 4750

Contact Information

  • CDC Group plc.
    Edgar Buckley or Rhyddid Carter
    Communications Team
    +44 (0)20 7963 4750 (FAX)