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December 19, 2025

Oronova Energy Inc. Closes $15 Million Non-Brokered Private Placement of Subscription Receipts

VANCOUVER, BC, Dec. 19, 2025 — Oronova Energy Inc. (TSXV: ONV.H) is pleased to announce that it has closed its non-brokered private placement of 60,000,000 subscription receipts ("Subscription Receipts") at a price of $0.25 per Subscription Receipt for aggregate gross proceeds of $15,000,000 (the "Offering").

The Offering was announced on November 20, 2025 in connection with the Company's announcement of its intention to acquire a 100% interest in the Cameron Gold Project (the "Project") from First Mining Gold Corp. by way of a reverse takeover transaction (the "Transaction") under the policies of the TSX Venture Exchange (the "TSXV") to form a new gold exploration and development company, Seva Mining Corp.

Offering Details

The Offering consisted of the issuance of the following components by the Company and 1001416725 Ontario Ltd., a wholly owned subsidiary of the Company ("FinCo"), at a price of $0.25 per Subscription Receipt:

  • An aggregate of 48,594,000 Subscription Receipts issued by FinCo for aggregate gross proceeds of $12,148,500; and

  • An aggregate of 11,406,000 Subscription Receipts of the Company for aggregate gross proceeds of $2,851,500.

Subscription Receipt Conversion and Use of Proceeds

In connection with the Transaction, each Subscription Receipt will convert into one common share in the capital of the Company (a "Common Share") subject to the satisfaction of certain escrow release conditions, including the completion of the proposed Transaction and requisite approval of the TSXV.

The proceeds of the Offering will be held in escrow pending satisfaction of the escrow release conditions. When released from escrow, proceeds from the Offering will be used to:

  • Fund payment obligations and exploration expenditures relating to the Project

  • General working capital purposes

Finder's Fees

It is anticipated that on closing of the Transaction, the Company will pay cash finder's fees of $150,180 to certain eligible finders.

The Offering remains subject to the final approval of the TSXV.

Further information regarding the Transaction can be found in the Company's news release filed on November 20, 2025.

On behalf of the Board of Directors of Oronova Energy Inc.

Geir Liland

President and CEO

For further information: Geir Liland, President and CEO, (604) 609-6110