Brief: ORONOVA ENERGY SAYS PROPOSED $45 MLN FINANCING & AMENDS AGREEMENT TO ACQUIRE PRODUCING GAS & CONDENSATE ASSET IN GUATEMALA

Seva Mining

20/06/2017 16:18

June 20 (Reuters) - Oronova Energy Inc  ONV.V  
    * ORONOVA ENERGY ANNOUNCES PROPOSED $45 MILLION FINANCING 
AND AMENDS AGREEMENT TO ACQUIRE PRODUCING GAS AND CONDENSATE 
ASSET IN GUATEMALA 
    * ORONOVA ENERGY INC SAYS A PROPOSED PRIVATE PLACEMENT OF UP 
TO 112.5 MILLION SUBSCRIPTION RECEIPTS 
    * ORONOVA ENERGY INC - SIGNED AN AMENDMENT TO DEFINITIVE 
PURCHASE & SALE AGREEMENT IN RELATION TO ACQUISITION, WITH CITY 
PETEN S. DE RL 
    * ORONOVA WILL ALSO PAY CASH CONSIDERATION OF US$5 MILLION 
AT DEAL CLOSING 
    * ORONOVA ENERGY INC SAYS NET PROCEEDS FROM PRIVATE 
PLACEMENT WILL BE USED TO COMPLETE ACQUISITION, AND FOR FUTURE 
DRILLING 
    * GROSS PROCEEDS OF PRIVATE PLACEMENT TO BE DEPOSITED IN 
ESCROW AT CLOSING PENDING SATISFACTION OF APPLICABLE ESCROW 
RELEASE CONDITIONS 
    * ESCROW RELEASE CONDITIONS INCLUDE CO HAS RECEIVED,AGREED 
TO EXECUTED TERM SHEET FOR PROVISION OF LOAN FACILITY FOR NOT 
LESS THAN C$20 MILLION 
 
Source text for Eikon:  ID:nCNWzpkFMa  
Further company coverage:  ONV.V  
 
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