TSX-V: ONV
VANCOUVER, Oct. 24, 2018 /CNW/ - Oronova Energy
Inc. ("Oronova" or the "Company") (TSX.V:
ONV) announces that further to its news release dated September 17, 2018, it has closed the private
placement for 10,000,000 common shares for gross proceeds of
$800,000 (the
"Financing"). The shares issued are subject to a hold
period expiring February 25,
2019. Finders' Fees totaling $44,100 were paid in consideration for services
rendered in connection with the Financing. The Company
intends to use the proceeds for general working capital.
Oronova further announces that it has retained General Research
GmbH ("General Research") and its principal and sole
shareholder, Georg Hochwimmer of Munich
Germany, to provide European investor relations services for
an initial 12 month term, which may be continued on a quarterly
basis thereafter by mutual consent of the parties. Under the
terms of the agreement, the Company shall pay General Research a
fee of CAD$5,000 per month.
General Research advises that it currently holds common shares of
the Company. The engagement of General Research remains
subject to the approval of the Exchange.
In connection with the foregoing appointment the Company
announces the grant of 200,000 incentive stock options under the
Company's stock option plan to General Research at an exercise
price of CAD $0.09 per share for a
period of 5 years with applicable quarterly vesting restrictions
commencing 3 months from the date of grant, subject to TSXV
approval.
On behalf of the Board of Oronova Energy Inc.
"David Farrell"
Chief Executive Officer
Cautionary Statement
Neither the TSX Venture
Exchange nor its Regulation Services Provider (as such term is
defined in the policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this release. No
stock exchange, securities commission or other regulatory authority
has approved nor disapproved the information contained
herein.
Forward Looking Statements
This news release
contains forward looking statements relating to the future
operations of the Corporation and other statements that are not
historical facts. Forward Looking Statements are often identified
by terms such as "will", "may", "should", "anticipate", "expects"
and similar expressions. All statements other than statements of
historical fact, included in this release, including, without
limitation, statements regarding future plans and objectives of the
Corporation, are forward looking statements that involve risk and
uncertainties, There can be no assurances that such statements will
prove to be accurate and actual results and future events could
differ materially from those anticipated in such statements.
Important factors that could cause actual results to differ
materially from the Corporation's expectations are exploration
risks detailed from time to time in the filings made by the
Corporation within the securities regulations.
The reader is cautioned that assumptions used in the
preparation of any forward looking statements/information may prove
to be incorrect. Events or circumstances may cause actual results
to differ materially from those predicted, as a result of numerous
known or and unknown risks, uncertainties and other factors many of
which are beyond the control of the Corporation. As a result we
cannot guarantee that any forward looking statement will
materialize and the reader is cautioned not to place any undue
reliance on any forward looking statements/information. Such
information, although considered reasonable by management at the
time of preparation, may prove to be incorrect and actual results
may differ materially from those anticipated. Forward looking
statements contained in this News release are made as of the date
of the release and the Corporation does not undertaken any
obligation to update publicly or to revise any of the included
forward looking statements, whether as a result of new information,
future events or otherwise, except as expressly required by
Canadian securities law.
SOURCE Oronova Energy Inc.