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.
View original content: http://www.newswire.ca/en/releases/archive/October2018/24/c7929.html