OTTAWA, Dec. 8, 2017 /CNW/ - Leonovus Inc. (TSXV:
LTV) ("Leonovus" or the "Company") is pleased to announce that
it has closed its previously announced bought deal short form
prospectus offering, including the exercise of the underwriter's
over-allotment option (the "Offering"). In connection with
the Offering, the Company issued 27,500,000 units of the Company
(the "Units"). The Units were sold at a price of
$0.50 per Unit for aggregate gross
proceeds of $13,750,000. The Offering
was underwritten by a syndicate led by Clarus Securities Inc.
Each Unit consisted of one common share in the capital of the
Company and one-half of one common share purchase warrant (each
whole common share purchase warrant, a "Warrant"). Each
Warrant will entitle the holder thereof to acquire one common share
of the Company at a price of $0.65
per share until December 8, 2019.
The net proceeds from the Offering are expected to be used
toward (i) debt repayment; (ii) product development; (iii)
marketing and promotion; and (iv) working capital. For additional
details regarding the use of proceeds of the Offering, please see
the Company's final short form prospectus dated December 4, 2017, which is available under the
Company's profile on SEDAR at www.sedar.com.
"The closing of the financing puts the company on a very solid
foundation for the future. This financing gives us the needed
resources to build a powerful business development group and put
the final finishes on productizing our powerful blockchain-hardened
software defined storage solution', said Michael Gaffney, CEO.
This press release may contain forward-looking statements and
information, which may involve risks and uncertainties. The
results or events predicted in these statements may differ
materially from actual results or events. Factors that might cause
a difference include, but are not limited to, competitive
developments, risks associated with Leonovus' growth, the state of
the financial markets, regulatory risks and other factors.
There can be no assurance or guarantees that any statements of
forward-looking information contained in this release will prove to
be accurate. Actual results and future events could differ
materially from those anticipated in such statements. These
and all subsequent written and oral statements containing
forward-looking information are based on the estimates and opinions
of management on the dates they are made and expressly qualified in
their entirety by this notice. Unless otherwise required by
applicable securities laws, Leonovus disclaims any intention or
obligation to update or revise any forward-looking statements,
whether as a result of new information, future events or
otherwise. Readers should not place undue reliance on any
statements of forward-looking information that speak only as of the
date of this release. Further information on Leonovus'
public filings, including its most recent audited consolidated
financial statements, are available at
www.sedar.com.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of
this release.
SOURCE LeoNovus Inc.