An anonymous director of GOHL reports

GOLDEN OIL HOLDINGS LIMITED SUBSIDIARY OF AFRICAN AGRICULTURE FUND, L.L.C. EARLY WARNING OF AGREEMENT TO ACQUIRE SECURITIES OF FERONIA INC.

Golden Oil Holdings Ltd. (GOHL), a wholly owned Mauritius special-purpose-vehicle subsidiary of African Agriculture Fund LLC (AAF), acquired, in the second tranche of the previously announced private placement, ownership of a convertible debenture of Feronia Inc. in the aggregate principal amount of $983,500 (U.S.) on July 16, 2015, representing 10.7 per cent of the aggregate value of convertible debentures issued by Feronia on June 19, 2015, and July 16, 2015.

The debenture bears interest at a rate of 12 per cent per annum, compounded semi-annually (all interest shall accrue and be payable on Jan. 22, 2016), and is convertible into common shares of Feronia. The outstanding principal amount of the debentures, together with all accrued and unpaid interest, will be convertible at the option of the holder at any time prior to the date which is one year from the closing date. The debentures are convertible at a conversion price of 25 U.S. cents per common share.

GOHL currently holds 17,918,877 common shares of Feronia, representing 32.4 per cent of the issued and outstanding common shares. Assuming that GOHL and CDC fully convert the principal of the debentures into common shares at the conversion price of 25 cents, GOHL would hold 32,239,677 common shares, representing approximately 24.2 per cent of the issued and outstanding common shares at the time of conversion (after giving effect to the conversion of the debentures issued on June 19, 2015, and July 16, 2015, only; based on a total of 55,237,593 common shares issued and outstanding as of July 14, 2015).

If the company does not complete an amended debt financing (as such term is defined in the debentures), and assuming that GOHL and CDC fully convert the principal of the debentures into common shares at the conversion price of 14 cents, GOHL would hold 43,491,735 common shares, representing approximately 22.3 per cent of the issued and outstanding common shares at the time of conversion (after giving effect to the conversion of the debentures issued on June 19, 2015, and July 16, 2015, only; based on a total of 55,237,593 common shares issued and outstanding as of July 14, 2015).

GOHL will hold the common shares for investment purposes, and GOHL may, depending on market and other conditions, increase or decrease its beneficial ownership or control of the common shares or other securities of Feronia whether through market transactions, private agreements, treasury issuances, exercise of convertible securities or otherwise.

The issuance of this news release is not an admission that an entity named in the news release owns or controls any described securities or is a joint actor with another named entity.