TORONTO, ONTARIO--(Marketwired - Dec. 16, 2013) - Feronia Inc. ("Feronia" or the "Company") (TSX VENTURE:FRN) today announced that certain officers and employees of the Company have acquired an aggregate of 94,934 common shares in the capital of the Company (the "Qualifying Shares"), at a price of $0.075 per share, under the Company's Share Purchase Plan (the "Plan"). Under the terms of the Plan, each participant is entitled to receive the matching number of common shares acquired pursuant to the Plan at no cost to such participant (the "Deferred Matching Shares"). Subject to certain conditions, such Deferred Matching Shares will be issued to the participants over a three year period following the date of the purchase of the Qualifying Shares. As a result, the participants may be issued up to an aggregate of 94,934 Deferred Matching Shares in three equal tranches over a three year period. As required under the Plan, the Company has also issued an aggregate of 79,471 Deferred Matching Shares to certain officers, directors and employees who acquired Qualifying Shares in December 2011 and December 2012. Following the above noted issuance of common shares, the Company has an aggregate of 552,050,512 common shares issued and outstanding.
The board of directors of the Company established the Plan as a long-term incentive programme designed to improve director, officer and employee retention, further align the interests of the participants with those of shareholders, and allow such participants to take part in the long-term success of the Company. The Plan was approved by shareholders at the annual and special meeting of the Company on June 17, 2011.
About Feronia Inc.
- Feronia operates large-scale commercial oil palm plantations and has commenced an arable farming operation in the Democratic Republic of the Congo (the "DRC").
- The Company, through its subsidiaries, holds concessions on land which is owned by the DRC government and on which its oil palm plantation and farming operations take place.
- The Company uses modern agricultural practices to operate and develop its oil palm plantations and arable farming. Feronia believes in the immense agricultural potential of the DRC for high-quality edible oils, oil derivatives and foodstuffs given the suitability of its climate and soil and the availability of a skilled workforce.
- The Company's management team is comprised of experienced business administrators and 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 jobs and economic growth for local communities.
For more information please see www.feronia.com.
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