Business
Leonovus announces closing of $13,750,000 bought deal for blockchain data storage solution
Leonovus announces closing of $13,750,000 bought deal for blockchain data storage solution...
About this update from Leonovus Inc.
[{"type":"text","content":"\n\n\n\nLeonovus announces closing of $13,750,000 bought deal for blockchain data storage solution\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\n\nCanada NewsWire\nOTTAWA, Dec. 8, 2017\n\n\n\nOTTAWA, 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.\n\nEach 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.\n\nThe 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.\n\n\"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.  \n\nThis 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...