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CEO.CA members discuss high-risk penny stocks which can lose their entire value. Only risk what you can afford to lose.
@newswireOronova Resource Corp. announces change of board of directors @newswire/oronova-resource-corp-announces-change-of-board-of$ONV Duncan Nightingale has been appointed CEO and Director at Oronova. He is the former COO of Gran Tierra Energy $GTE (~$1.48 bil mkt cap). Former Gran Tierra CEO Jeffrey J. Scott, and resource investor @FrankGiustra have also joined Oronova's board of directors. ONV has ~33.58 million shares outstanding according to the news release, and last traded at 3.5 cents (~1.01mil mkt cap).
@LucTenHaveAre insiders are loaded with cheap stock and options? --> Yes
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@tommyPMI will have an equity position in HPL, but Frank's focus is on $PMI, not HPL, in my opinion, where he has a direct interest and more than $10 million invested (thinking back to the acquisition of the Manas blocks in 2013 2014). I think he'll be more focused there and on $ONV, a new energy vehicle with Jeff Scott and Duncan Nightingale. PMI Resources has a proposed RTO with PentaNova Energy according to NIAD, an information service for brokers. PentaNova is a Latin America focused oil and gas venture from Giustra and Pacific Rubiales founder Serafino Iacono. It is raising $17.5 million at $0.50 through Eventus and GMP according to the same NIAD memo. I plan to participate. It is a gamble. This is not investment advice! That said, Horizon looks like an interesting setup with the French acreage, if we're in a better environment for energy startups? I hope they hit it out of the park.
@tommyOronova Energy goes to Guatemala for gas and condensate development and exploration. Founder Jeff Scott says Guatemala is the next frontier in international oil and gas, the new Colombia. He brought Gran Tierra to Colombia as CEO a decade ago and its now a 30,000 boe producer, Oronova's targetted growth over 3-5 years. Roughly $90mm USD invested in their new play by previous operators. They're buying it for $66m in shares and $10m cash. $50 mil in financings planned. @newswire/oronova-energy-acquires-producing-gas-and-condensate$ONV$GTE
@newswireOronova Energy Announces Proposed $45 Million Financing and Amends Agreement to Acquire Producing Gas and Condensate Asset in Guatemala @newswire/oronova-energy-announces-proposed-45-million-financing$ONV#news/mining
Acquiring producing Gautemala gas assets for 131.2 million shares ($52.48 mil CAD) plus $5 million cash at closing, plus $5 million cash or shares at 1 yr closing anniversary. Private Placement of 112.5 million subscription receipts at a price of $C0.40 for total gross proceeds of $C45 million. Oronova has engaged Peters and Co. Limited as lead agent in connection with the Private Placement on a fully-marketed and "best efforts" basis.