Golden Oil Holdings Limited Acquires Securities of Feronia Inc. and Files Early Warning Report

TORONTO, ONTARIO--(Marketwired - Nov. 8, 2013) - Golden Oil Holdings Limited, Suite 510, Fifth Floor, Barkly Wharf, Le Caudan Waterfront, Port Louis, Mauritius (GOHL) today announced that it has completed, by way of a private placement (the Private Placement), the acquisition of 78,360,000 common shares at a subscription price of CAD$0.10 per common share in the capital of Feronia Inc. (Feronia) for an aggregate subscription price of US$7.5 million which represent approximately 14.2% of the currently issued and outstanding common shares of Feronia.

GOHL a wholly-owned subsidiary of African Agriculture Fund, L.L.C. (AAF), had previously acquired 100,828,774 common shares of Feronia. Following the completion of the Private Placement and as of the date hereof, GOHL owns over 179,188,774 common shares of Feronia representing approximately 32.5% of the currently issued and outstanding common shares of Feronia. The Private Placement was a private transaction outside of any market or other facility and the common shares were issued from Feronia's treasury.

GOHL has acquired the common shares for investment purposes. GOHL may, in the future, increase or decrease his ownership of securities of Feronia, directly or indirectly, from time to time depending upon the business and prospects of Feronia and future market conditions.

GOHL has filed an early warning report (EWR) pursuant to Multinational Instrument 62-104 -Take-over Bids and Issuer Bids, on SEDAR (www.sedar.com) under Feronia's SEDAR profile.

For more information or to obtain a copy of the early warning report, please contact: