TSX-V: ONV
VANCOUVER, June 8, 2018 /CNW/ - Oronova Energy
Inc. ("Oronova" or the "Company") (TSX.V:
ONV) has been advised of recent transactions by Jeffrey J. Scott and his related entities
pursuant to the early warning requirements of applicable securities
laws in Canada with respect to his
security holdings in the Company.
Pursuant to a private transaction, Darringer Enterprises Ltd., a
company owned and controlled by Jeffrey J.
Scott acquired 700,000 common shares of the Company.
Prior to this transaction, Mr. Scott held, directly and
indirectly and exercised control over, an aggregate of 5,750,000
common shares representing 17.11% of the issued and outstanding
shares of the Company and would have held, directly and indirectly
and exercised control over, 6,250,000 common shares representing
18.33% of the issued and outstanding shares of the Company on a
partially diluted basis assuming the exercise of 500,000 stock
options. Immediately after this transaction, Mr. Scott holds,
directly and indirectly and exercises control over, an aggregate of
6,450,000 common shares representing 19.19% of the issued and
outstanding common shares of the Company and would hold, directly
and indirectly and exercise control over, 6,950,000 common shares
representing 20.38% of the issued and outstanding shares of the
Company on a partially diluted basis assuming the exercise of
500,000 stock options.
Mr. Scott and his related entities acquired these securities for
investment purposes and, as disclosed in the Early Warning Report
filed on SEDAR, Mr. Scott and his related entities may, in the
future, acquire or dispose of securities of the Company through the
market, privately or otherwise, as circumstances or market
conditions warrant.
For additional information, or for a copy of the Early Warning
Report filed in respect of the above transaction, please contact
the Corporate Secretary of the Company at (604) 609-6125.
On behalf of the Board of Oronova Energy Inc.
"David Farrell"
Chief Executive Officer
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.
SOURCE Oronova Energy Inc.