Ms. Izelle le Roux-Owen 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., a wholly owned Mauritius special purpose vehicle subsidiary of African Agriculture Fund LLC, has acquired, by way of private placement, ownership of a convertible debenture of Feronia Inc. in the principal amount of $3.2-million on Jan. 15, 2016, representing 100 per cent of the convertible debenture issued by Feronia on the closing date.

The debenture bears interest at a rate of 12 per cent per annum, compounded semi-annually and 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 debenture 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. As an amended debt financing (as such term is defined in the debenture) was not completed by Feronia on or before Dec. 31, 2015, the debenture is convertible at a conversion price of 14 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 fully converts the principal of the debenture into common shares at the conversion price of 14 cents, GOHL would hold 45,347,449 common shares, representing approximately 54.9 per cent of the issued and outstanding common shares at the time of conversion (after giving effect to the conversion of the debenture issued on the closing date only; based on a total of 55,244,360 common shares issued and outstanding as of Jan. 15, 2016).

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.