Oronova arranges $1.2-million private placement

Executive Summary

• Oronova Energy Inc. has arranged a non-brokered private placement of 20 million units at $0.06 per unit, raising gross proceeds of $1.2 million.
• Each unit comprises one common share and one common share purchase warrant, with warrants exercisable at $0.08 per share for one year from closing.
• Proceeds are designated for paying liabilities and working capital, pending approval from the TSX Venture Exchange NEX board.

Key Details

• Transaction Structure: Non-brokered private placement.
• Units Issued: 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: One year from the date of closing the offering.
• Use of Proceeds: Payment of liabilities and working capital purposes.
• Regulatory Status: Subject to approval by the NEX board of the TSX Venture Exchange.