Feronia Inc. Announces Normal Course Issuer Bid
September 07 2011 - 4:33PM
Marketwired
Feronia Inc. ("Feronia" or the "Company") (TSX VENTURE: FRN) today
announced that the TSX Venture Exchange (the "TSXV") has accepted
its notice to conduct a normal course issuer bid. Under the bid,
the Company will have the right to purchase for cancellation up to
a maximum of 11,101,200 through the facilities of the TSXV.
There are a total of 144,901,500 Common Shares issued and
outstanding as of the date hereof. Management of the Company will
determine the actual number of Common Shares that may be purchased
and the timing of any such purchases, subject to compliance with
applicable TSXV rules. Purchases made pursuant to the bid will be
made in the open market through the facilities of the TSXV and the
price that the Company will pay for any such Common Shares will be
the market price at the time of the acquisition.
The Company is proposing to commence the bid on September 11,
2011 and the bid shall terminate on the earlier of: (a) on
September 12, 2012; (b) the date upon which the Corporation
completes its purchases under the normal course issuer bid; and (c)
such date on which the Corporation gives notice of termination of
the normal course issuer bid to the TSXV. The Company has not
purchased any Common Shares during the previous year pursuant to
any issuer bid. The bid will be conducted by National Bank
Financial Inc.
The Company intends to make the bid because it believes that (a)
the Common Shares may be undervalued from time to time in relation
to its current and future business prospects, and (b) the Common
Shares may become available during the period of the bid at prices
that would make the purchase of such Common Shares for cancellation
an appropriate use of available funds and in the best interests of
the Company and its shareholders.
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. For more information please see, www.feronia.com.
Cautionary Notes
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
"plans", "proposes", "estimates", "intends", "expects", "believes",
"may", "will" and include without limitation, statements regarding
the stated use of proceeds; plan of operations and comparative
advantages; and benefits of this investment. 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, regulatory risks, risks inherent
in foreign operations, commodity prices, competition, and
investments having no history of operations. 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.
Contacts: Feronia Inc. Ravi Sood Chairman (647) 987-7663
Ravi.sood@feronia.com www.feronia.com
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