Feronia Inc. Grants Stock Options to Officers and Directors
01 December 2011 - 9:37AM
Marketwired
Feronia Inc. ("Feronia" or the "Company") (TSX VENTURE:FRN) is
pleased to announce that it has granted stock options to certain
officers and directors of the Company pursuant to the terms of the
Company's stock option plan. Options to purchase up to 2,140,000
common shares were granted with a ten year term and an exercise
price of $0.25 per share.
A total of 865,000 options have been granted to the new Chief
Executive Officer, Chief Financial Officer and Corporate Secretary
of the Company, which options shall vest according to the following
schedule: one-third vest on the date of grant, one-third vest on
the first anniversary of the date of grant and one-third vest on
the second anniversary of the date of grant.
A total of 1,275,000 options have been granted to directors of
the Company in lieu of cash-based compensation, which options shall
vest according to the following schedule: one-quarter vest on the
date of grant and one-quarter vest every 90 days following the date
of grant. In order to minimize cash outlays, the directors of the
Company have elected to continue to forego cash compensation for
their director fees and instead to receive the Black-Scholes
equivalent value in options. This practice has been in place since
the Company was formed. To date, directors have taken no cash
compensation for serving as directors and the weighted-average
strike price of the options granted to directors is $0.404 per
share.
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" 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,
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 (416)
907-2026Ravi.Sood@feronia.comwww.feronia.com
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