Le Lézard
Classified in: Science and technology, Business
Subjects: ECO, ACC

Leonovus announces closing of $13,750,000 bought deal for blockchain data storage solution


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.


These press releases may also interest you

at 08:15
Maverix Medical, a dedicated lung cancer platform established by Ajax Health, KKR, and Hologic, Inc., today announced the acquisition of Cirrus Bio for an undisclosed amount....

at 08:03
The American Red Cross celebrates The Church of Jesus Christ of Latter-day Saints, headquartered in Salt Lake City, for its substantial donation of $7.35 million. The gift will help purchase blood equipment and biomedical emergency vehicles and will...

at 08:00
Bidpath Inc., a leading provider of global online auction software, proudly announces the launch of AuctionPay, a cutting-edge payments platform designed to revolutionize auction payments. With a focus on efficiency, security, and user-centric...

at 08:00
SC Ventures, Standard Chartered's innovation, fintech investment and ventures arm, is leading a ?12 million (USD $13 million) Series A round for distributed cloud provider Hive, to increase access to sustainable, high-powered computing resources for...

at 08:00
Callon Petroleum Company ("Callon" or the "Company") today announced the expiration and final tender results of its previously announced cash tender offers (the "Offers") for any and all of its 8.000% Senior Notes due 2028 (the "2028 Notes") and any...

at 08:00
The parties in Severa, et al. v. Solvay Specialty Polymers USA, LLC, et al., announce that Judge Noel Hillman of the United States District Court for the District of New Jersey has preliminarily approved a class action settlement. The hearing on...



News published on and distributed by: