Mr. Xavier de Carniere reports

FERONIA ANNOUNCES CLOSING OF SECOND DRAWDOWN ON $49M TERM FACILITY

All conditions precedent have been satisfied to facilitate Feronia Inc.'s second drawdown of $10-million from the previously announced $49-million secured term facility provided in December, 2015, by a syndicate of European lenders consisting of four development finance institutions (DFIs). Subsequent to this drawdown, $25-million will have been drawn on the facility. All amounts in this press release are expressed in U.S. dollars unless otherwise indicated.

The purpose of the facility is to finance investment into equipment, replanting, fertilizer, and environmental and social governance (ESG) expenditures required as part of the rehabilitation of the three palm oil plantations of Feronia's subsidiary Plantations et Huileries du Congo SA, in the Democratic Republic of the Congo (the DRC).

The facility comprises of $16.5-million provided by DEG -- Deutsche Investitions-und Entwicklungsgesellschaft mbH, lead arranger and agent for the syndicate, $16.5-million by Nederlandse Financierings-Maatschappij voor Ontwikkelingslanden NV, the Dutch development bank, $11-million by the Belgian Investment Company for Developing Countries, the Belgium government's DFI, and $5-million by the Emerging Africa Infrastructure Fund, a facility of the Private Infrastructure Development Group.

Through this financing the DFIs contribute to the development of poor rural areas by supporting the private sector, an important engine for employment and income in developing nations such as the DRC.

Further drawdowns against the remaining $24-million available under the facility are subject to satisfying further conditions precedent. The amounts advanced under the facility will be repaid semi-annually over a six-year period commencing September, 2019. The facility is subject to covenants, pledges and charges typical of a loan facility of this nature, shall be secured by way of a first ranking security against the assets of PHC, and by way of a pledge of the shares of PHC by a Belgian subsidiary of Feronia.

Feronia selected the lenders following a tender process which saw considerable interest from a variety of debt providers and DFIs. Approval of the loan by the lenders followed a comprehensive due diligence process and the further development and extension of the company's environmental and social action plan (ESAP). The ESAP is the company's road map for implementing environmental and social best practice and improving social infrastructure across its operations and was jointly developed with CDC Group PLC, one of Feronia's key shareholders.

In addition to completing the conditions precedent required to access the undrawn component of the facility, Feronia continues to consider various financing opportunities including both equity and convertible debt instruments. The company plans to use any funds raised to refinance existing maturing convertible debentures and for general working capital purposes.

Frank Braeken, chairman of Feronia, commented: "After a considerable amount of hard work by many people, I am delighted that we are making the second drawdown on the debt facility provided by our DFI lenders.

"The DFI lending process is, quite rightly, rigorous. Their involvement with a company brings scrutiny at all levels and imposes requirements to operate at the highest standards and work towards internationally recognized standards in areas such as the environment, social matters and corporate governance. We believe that the rigour, scrutiny and requirements that DFI involvement in Feronia and PHC brings are hugely positive for all stakeholders.

"This and subsequent drawdowns will allow us to continue to deliver on our objectives of rebuilding PHC into a sustainable business fit for the 21st century and, in the process, become a model for transparency and sustainability both in the DRC and in the palm oil sector."

About Feronia Inc.

Feronia is an agribusiness operating in the Democratic Republic of the Congo (DRC).

At the heart of Feronia lies a long established palm oil business, Plantations et Huileries du Congo, which has three remotely located plantations: Lokutu, Yaligimba and Boteka. The company also has an arable farming operation.

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