DuSolo Closes Oversubscribed C$6,800,000 Private Placement and Appoints New Director to the Board

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Oct. 1, 2014) - DuSolo Fertilizers Inc., (TSX VENTURE:DSF)(PINKSHEETS:ELGSF)(FRANKFURT:E6R) ("DuSolo" or "the Company") is very pleased to announce it has closed a non-brokered private placement at a price of $0.27 cents per share for a total of 25,185,186 shares or C$6,800,000. The C$6,000,000 private placement announced on September 12, 2014 was oversubscribed and was increased due to investor demand. There are no warrants attached to this offering.

"We are happy to see significant interest amongst investors in our share offering. It validates the uniqueness of this opportunity and provides us with the financial tools to carry out our development plans going forward," commented Eran Friedlander, President and CEO of DuSolo Fertilizers.

Securities in connection with this offering are subject to TSX Venture approval and are subject to a four month and one day hold period that expires February 2nd, 2015 in accordance with the rules and policies of the TSX Venture Exchange and applicable Canadian securities laws.

USE OF PROCEEDS

Acquisition of the Remaining 25% Stake in the Bomfim Project

The Company recently announced it had entered into a purchase agreement ("the Agreement") to acquire the remaining 25% interest of P-Tec Agro Mineracao SPE Ltda. ("P-Tec") – a private Brazilian company that owns a 100% stake in the Bomfim Project. DuSolo previously held a 75% interest in P-Tec with the remaining 25% owned by Quantum. The Agreement in place provides DuSolo with full ownership of P-Tec and consequently, a 100% interest in the project effective immediately. A portion of the proceeds from this financing is expected to fund a future payment schedule amounting to $5,000,000 Brazilian Reals ("BRL") (or C$2,280,000 as of the October 1st, 2014 exchange rate).

The payment schedule agreed upon by both parties is:

October 25, 2014 – BRL$2,000,000

April 25, 2015 – BRL$1,000,000

October 25, 2015 – BRL$500,000

April 25, 2016 – BRL$500,000

October 25, 2016 – BRL$500,000

April 25, 2017 – BRL$500,000

The Company has also agreed to buy back 575,000 of the Company's common shares that Quantum currently owns at a price of $0.23 per common share for gross proceeds of C$132,250.

Of the C$6,800,000 raised, approximately C$2,412,250 (based on the October 1^st, 2014 exchange rate) will be allocated towards satisfying the payment terms as per the Agreement and the remaining amount will be used towards funding a future work program at the Bomfim Project.

APPOINTMENT OF NEW DIRECTOR

The Board of Directors have unanimously voted in favour of electing Dr. Peter Ruxton as a Non-Executive Director of the Board. DuSolo's Board of Directors is now comprised of seven (7) individuals.

Dr. Ruxton currently serves as a Principal of Tembo Capital, a private equity, mining fund, which specializes in making investments in Africa and other Emerging Markets. He hails from a strong technical background having spent 35 years in the mining industry including 15 years in Australia with the likes of Billiton and Ross Mining. Dr. Ruxton has held a number of Directorships with numerous private, TSX.V, AIM, ASX, JSE and AMEX listed companies.

Dr. Ruxton is a Professional Member of the Institute of Mining, Metallurgy and Materials (MIMM) and is a Fellow of both the Geological Society of London (FGS) and the Society of Economic Geologists (FSEG). In addition, he is a Member of the Association of Mining Analysts (AMA).

Dr. Ruxton trained as a geologist at the University of Leeds, UK where he obtained a BSc in Geological Sciences and a PhD in Economic Geology and then continued on to complete his MBA at the Universities of Manchester and Bangor.

ABOUT THE COMPANY

DuSolo Fertilizers Inc. is focused on developing a fully integrated process to produce phosphate based fertilizers within the Cerrado region of Brazil as part of a nationwide effort, incentivized by the government, to increase supply of domestically sourced fertilizers and achieve agricultural self sufficiency.

The Company's shares are publicly traded on the TSX Venture Exchange under the symbol DSF, on the OTC Pink Sheets under the symbol ELGSF and on Frankfurt Stock Exchange under the symbol E6R.

On behalf of the Board of Directors

DuSolo Fertilizers Inc.

Eran Friedlander, President

Forward-looking statements

Certain information contained in this press release constitutes "forward-looking information", within the meaning of Canadian legislation. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur", "be achieved" or "has the potential to". Forward looking statements contained in this press release may include statements regarding the future operating or financial performance of DuSolo which involve known and unknown risks and uncertainties which may not prove to be accurate. Actual results and outcomes may differ materially from what is expressed or forecasted in these forward-looking statements. Such statements are qualified in their entirety by the inherent risks and uncertainties surrounding future expectations. Among those factors which could cause actual results to differ materially are the following: market conditions and other risk factors listed from time to time in our reports filed with Canadian securities regulators on SEDAR at www.sedar.com. The forward-looking statements included in this press release are made as of the date of this press release and DuSolo disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities legislation.

Neither the TSX Venture Exchange Inc. nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange Inc.) accepts responsibility for the adequacy or accuracy of this press release.