Mr. Ravi Sood reports
FERONIA INC. ISSUES COMMON SHARES UNDER SHARE PURCHASE PLAN
Certain officers, directors and employees of Feronia Inc. have acquired 286,366 common shares in the capital of the company at a price of 11 cents per share under the company's share purchase plan. Under the terms of the plan, each participating officer, director and employee is entitled to receive the matching number of common shares acquired pursuant to the plan at no cost to such participant. Subject to certain conditions, such deferred matching shares will be issued to the participants over a three-year period following the date of the purchase of the qualifying shares. As a result, the participants may be issued up to 286,366 deferred matching shares in three equal tranches over a three-year period. As required under the plan, the company has also issued 47,621 deferred matching shares to certain officers and directors who acquired qualifying shares in December, 2011.
The board of directors of the company established the plan as a long-term incentive program designed to improve director, officer and employee retention, further align the interests of the participants with those of shareholders, and allow such participants to take part in the long-term success of the company. The plan was approved by shareholders at the annual and special meeting of the company on June 17, 2011.
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