TORONTO, ONTARIO--(Marketwired - Oct. 16, 2017) - Further to its news release of September 25, 2017, Straight KKM 2 Limited ("KKM") announces that it has closed the first tranche (the "First Tranche") of its subscription (the "Subscription") for common shares of Feronia Inc. ("Feronia").

Under the First Tranche, KKM acquired 62,650,000 Common Shares at a price of Cdn.$0.18 per Common Share, for an aggregate subscription price of Cdn.$11,277,000 (payable in US dollars based on a fixed exchange rate of Cdn.$1.253 per US$1.00 as set out in the relevant subscription agreement).

Following the closing of the First Tranche, KKM now has ownership of, and control over, 62,650,000 Common Shares, representing approximately 14.76% of the issued and outstanding Common Shares of Feronia. In addition, assuming closing of the US$8.5 million balance of the Subscription and the completion of the transaction contemplated by the sale and purchase agreement between KKM and CDC Group plc (as announced on September 25, 2017), KKM will have ownership of, and control over, 183,157,277 Common Shares, representing approximately 37.86% of the issued and outstanding Common Shares.

KKM acquired the Common Shares pursuant to the transactions described herein for investment purposes. KMM will monitor the business, prospects, financial condition and potential capital requirements of Feronia. Depending on its evaluation of these and other factors, KKM may, from time to time in the future, increase or decrease its ownership, control or direction over the Common Shares or other securities of Feronia through market transactions, private agreements, subscriptions from treasury or otherwise.

KKM will file an early warning report pursuant to National Instrument 62-104 Take-over Bids and Issuer Bids on SEDAR (www.sedar.com) under Feronia's SEDAR profile. Feronia's registered address is: Suite 1800, 181 Bay Street, Toronto, Ontario M5J 2T9.

To obtain a copy of the early warning report, please contact:

Straight KKM 2 Limited

c/o Adansonia Management Services Limited

C2-202, Level 2, Office Block C

La Croisette, Grand Baie 30517

Mauritius

Attention: Kalaa Mpinga

Tel: +230 269 4166