VANCOUVER, Nov. 15, 2016 /CNW/ - (TSXV – ONV.V) (the "Company") is pleased to announce that Jeffrey J. Scott, Frank Giustra and Duncan Nightingale have been appointed to the Company's board of directors and the Company has appointed Duncan Nightingale as Chief Executive Officer and Joanna Vastardis as Chief Financial Officer and Corporate Secretary. Marilyn Miller, Patrice Nazereno and David Tupper have resigned from the board and the Company would like to thank them for their services.
The Company has also entered into a mandate agreement with Fiore Management & Advisory Corp. to provide financial advice and corporate administration.
In connection with the foregoing appointments, an aggregate of 2,900,000 incentive stock options have been granted to directors, officers, consultants and charitable organizations at a price of $0.05 per share, exercisable for a period of 10 years, subject to TSX-V approval.
The Company also announces that Jeffrey J. Scott acquired 5,750,000 common shares pursuant to a private transaction. The common shares acquired represent 17.14% of the issued and outstanding common shares of the Company. As a result of the acquisition of securities described above, Jeffrey J. Scott directly and indirectly, owns and or controls, in aggregate 5,750,000 common shares of the Issuer, representing 17.14% of the current issued and outstanding common shares of the Company and would own 6,250,000 common shares, representing 18.35% on a partially diluted basis, assuming exercise of 500,000 incentive stock options held by Mr. Scott directly.
The Company further announces that Duncan Nightingale acquired 4,750,000 common shares pursuant to a private transaction. The common shares acquired represent 14.16% of the issued and outstanding common shares of the Company. As a result of the acquisition of securities described above, Duncan Nightingale directly and indirectly, owns and or controls, in aggregate 4,750,000 common shares of the Issuer, representing 14.16% of the current issued and outstanding common shares of the Company and would own 5,250,000 common shares, representing 15.42% on a partially diluted basis, assuming exercise of 500,000 incentive stock options held by Mr. Nightingale directly.
The Company has been advised that Mr. Scott and Mr. Nightingale acquired these securities for investment purposes and may in the future acquire or dispose of securities of the Company, through the market, privately or otherwise, as circumstances or market conditions warrant.
On behalf of ORONOVA RESOURCE CORP.
Chief Executive Officer
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE Oronova Resource Corp.