VANCOUVER, British Columbia, Nov. 23, 2020 (GLOBE NEWSWIRE) -- Feronia Inc. (“Feronia” or the “Company”) (TSX-V: FRN) announces that it has closed its previously announced third party sale and restructuring transaction.
As previously reported, the Company initiated debtor in possession insolvency proceedings under the Bankruptcy and Insolvency Act (Canada)(the “BIA”) on July 23, 2020 (the “NOI Proceedings”). Pursuant to an Order of the Supreme Court of British Columbia in Bankruptcy and Insolvency dated September 3, 2020, the transaction was completed pursuant to the terms of a definitive purchase agreement with Straight KKM 2 Limited, which provided for the acquisition by Feronia KNM of substantially all of the Company’s assets, including its direct and indirect equity interests in its operating subsidiary, Plantations et Huileries du Congo.
The key terms of the transaction are set forth in the press release of the Company issued on July 20, 2020, as updated in its press release dated September 10, 2020.
Following completion of the sale transaction, and the expiry of the NOI Proceedings, the Company was declared bankrupt pursuant to the BIA.
As Feronia will not meet the continued listing requirements of the TSX Venture Exchange (the "TSXV") following completion of the transaction, Feronia intends to have its common shares voluntarily delisted from the TSXV and expects to apply to Canadian securities regulators to cease to be a reporting issuer following closing.
Read more:
http://www.globenewswire.com/news-release/2020/11/23/2131781/0/en/Feronia-Inc-Announces-Closing-of-Restructuring-Transaction.html
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