Feronia completes $25 million private placement
Feronia said Friday that it has closed a $25 million private placement. CDC, the UK Government's Development Finance Institution, was the lead investor. According to details of the transaction, CDC bought 151,496,000 shares of Feronia at a price of CAD $0.10 per share for $14.5 million. Another investor, the African Agriculture Fund, which is managed by Phatisa and holds the largest stake in Feronia, acquired 78,360,000 shares at a price of $7.5 million. In addition to the private placement, Feronia has named Keith Alexander to its board of directors. Alexander will be replacing Philip Condon who is departing as a director of the company. Based in the Democratic Republic of the Congo, Feronia is a commercial farmland and plantation operator.
