September 11, 2020

Yahoo Finance: Feronia Inc. Announces Court Approval of Restructuring Transaction

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.

Read more: https://finance.yahoo.com/news/feronia-inc-announces-court-approval-123500490.html

For further information please contact:

Executive Chairman, Feronia Inc. 
larry.seruma@feronia.com 
www.feronia.com 

Paul Dulieu 
Director of Communications and Corporate Development, Feronia Inc. 
+44 (0)7554 521421 
paul.dulieu@feronia.com 
www.feronia.com 


July 20, 2020

Feronia Inc. Enters Into Restructuring Purchase Agreement

GlobeNewsWire- Feronia Inc. (“Feronia” or the “Company”) (TSX-V: FRN) today announces that, further to its announcement on May 22, 2020 and the subsequent third party sale process announced on June 2, 2020, it has today entered into a definitive purchase agreement (the “Purchase Agreement”) with Straight KKM 2 Ltd. (“KKM” or the “Purchaser”) that provides for the acquisition by KKM of the Company’s direct and indirect equity interests in its operating subsidiary, Plantations et Huileries du Congo (“PHC”). 

Larry Seruma, Executive Chairman of Feronia Inc. said: "KKM and its shareholders’ objective has always been to turn PHC into a truly sustainable business, and we look forward to continuing working with CDC, our DFI partners and the DFI’s Independent Complaints Mechanism, as we strive to complete this journey.  

"Through this transaction, PHC will become part of a nimbler and more efficient company and the reduction in administrative and corporate costs will allow more money to be invested on PHC’s operations in the Democratic Republic of the Congo."

June 29, 2020

Feronia Inc. Provides COVID-19 Update on the Company's Business

TORONTO, June 29, 2020 (GLOBE NEWSWIRE) -- Feronia Inc. (“Feronia” or the “Company”) (TSX-V: FRN) today provides an update on the impact of COVID-19 on the Company’s business as required in connection with the Company’s previously announced reliance on the temporary blanket relief granted by the Ontario Securities Commission in Ontario Instrument 51-502 ("Instrument 51-502") in respect of the filing of its interim financial statements, accompanying management's discussion and analysis and related CEO and CFO certifications for the three months ended March 31, 2020 (collectively, the “Interim Filings”).

For further information please contact: 

Larry Seruma 
Executive Chairman, Feronia Inc. 
larry.seruma@feronia.com 
www.feronia.com 

Paul Dulieu 
Director of Communications and Corporate Development, Feronia Inc. 
+44 (0)7554 521421 
paul.dulieu@feronia.com 
www.feronia.com 

May 26, 2020

Mr. Larry Seruma Appointed Executive Chairman of Feronia, Inc.

GlobeNewsWire- Feronia Inc. Reports 2019 Financial Results; Announces Short Term Debt Financing, Proposed Restructuring and Director Changes

Larry Seruma, Executive Chairman of Feronia Inc. commented: “Depressed market prices, extremely challenging operating conditions and delays in the execution of capital projects mean that a great deal of work is required to ensure the survival of the business. 

In the longer term, it is vital that we reduce the cost of production and the completion of capital projects, such as the construction of the Lokumete mill, are essential to achieve this. However, as the Company cannot meet its debt repayment requirements or remedy the current debt-related defaults, a great deal of work and compromise will be required to restructure the Company’s debts, or find an alternative solution, in order to ensure there is a “longer term”.

“As such, we are in discussions with the Company’s secured debt holders to find a way forward and have entered into a support agreement with the Company’s two largest shareholders to facilitate the Group’s restructuring. Additional debt financing from one of the Company’s principal shareholders, of which $5 million has already been funded, is in place to help fund the Company whilst the restructuring process takes place and we are working hard to find a way forward.

“Plantations et Huileries du Congo is one of the largest private sector employers in the Democratic Republic of the Congo and has played a vital role as an employer and provider of palm oil for more than 100 years. Through the combined efforts and desire of all of its financial stakeholders, we hope this will continue long into the future.”