Oronova Energy Inc. Announces Closing of Private Placement

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.

Joanna Vastardis, CFO & Corporate Secretary, Tel: [phone]