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Leonovus Announces Extension to Bridge Loan
Leonovus Announces Extension to Bridge Loan Canada NewsWire OTTAWA, ON ...
About this update from Leonovus Inc.
[{"type":"text","content":"\n\n\n\n Leonovus Announces Extension to Bridge Loan\n \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 Canada NewsWire\n \n\n\n\n\n\n OTTAWA, ON\n \n\n ,\n \n\n Aug. 6, 2024\n \n\n /CNW/\n \n - Leonovus Inc.\n \n , (\"Leonovus\" the \"Company\") (TSXV: LTV) announces that it has amended the terms of the loan agreement entered into with two directors of Leonovus (the \"Lenders\"), previously announced on\n \n February 3, 2023\n \n , and updated on\n \n January 31\n \n , 2024.  The maturity date of the loans, and the expiry date of the warrants issued to the Lenders as consideration for the loans, has been extended to\n \n August 3, 2025\n \n .\n \n\n The amendment is subject to approval by the TSX Venture Exchange.\n \n\n\n Insider Participation in Loans\n \n\n\n As Lenders are members of the board of directors of Leonovus (the \"Insiders\"), the amendment to the loan agreement to extend the maturity date and the expiry date of the warrants constitutes a \"related party transaction\" under Multilateral Instrument 61-101\n \n Protection of Minority Security Holders in Special Transactions\n \n (\"MI 61-101\"). Leonovus has relied on the exemption under 5.5 (b) of MI 61-101 for the requirement to obtain a formal valuation for the Warrants issuable to the Insiders, and the exemption under Section 5.7(1)(a) of MI 61-101 for the requirement to obtain minority approval as the total value of the loan, and the value of the warrants, are not equal to or greater than 25% of the market capitalization of the Company, whether considered separately or together.\n \n\n\n About Leonovus\n \n\n\n Leonovus is a secure data management software company. The Leonovus suite of data management tools offer customers a complete end-to-end data-centric solution. This solution can stand on its own, or it can be integrated with the organization's zero-trust strategy and architecture. It takes seamless advantage of the organization's existing storage infrastructure and network architecture, working on-premises, in the cloud, or both and extends the data-centric controls across the entir...