Oronova Energy closes $1.2-million private placement

Executive Summary

• Oronova Energy Inc. has closed a non-brokered private placement of 20 million units.
• The units were sold at $0.06 per unit, generating gross proceeds of $1.2 million.
• Proceeds are intended for paying liabilities and working capital, with shares subject to a hold period until December 29, 2025.

Key Details

• Transaction Type: Non-brokered private placement closing.
• Units Sold: 20,000,000 units.
• Price Per Unit: $0.06.
• Gross Proceeds: $1,200,000.
• Warrant Terms: Each unit includes one common share purchase warrant. Each whole warrant allows the holder to acquire one additional common share at an exercise price of $0.08 per share.
• Warrant Expiration: August 28, 2026.
• Use of Proceeds: Payment of liabilities and working capital purposes.
• Hold Period: Shares are subject to a hold period expiring December 29, 2025, in accordance with Canadian securities laws.
• Regulatory Status: The private placement remains subject to final approval by the NEX board of the TSX Venture Exchange.

Notable Quotes

• None provided in the text.