Business
LeoNovus Announces the Initial Closing of its Private Placement
Gross Proceeds of Over CDN $400 Thousand SUNNYVALE, Calif., Jan. 31, 2013 /CNW/ - LeoNo...
About this update from Leonovus Inc.
[{"type":"text","content":"\n\n\n\n\nGross Proceeds of Over CDN $400 Thousand\n\nSUNNYVALE, Calif., Jan. 31, 2013 /CNW/ - LeoNovus Inc. (\"LeoNovus\" or the \"Company\") (TSX-V: LTV), announced today it has raised gross proceeds of CDN $429,900. for an initial close by way of a non-brokered private placement (the \"Offering\") of units (\"the Units\") at a price of CDN $0.15 per Unit. Each Unit consists of one (1) LeoNovus Common Share and one (1) Common Share purchase warrant entitling the holder to purchase one (1) LeoNovus Common Share for a period of two (2) years from the closing date of the Offering at an exercise price of CDN $0.24 per Common Share. The initial closing raised gross proceeds of CDN$ 429,900. through the issuance of 2,866,000 Units. The securities to be issued pursuant to the Offering will be subject to a four (4) month and one (1) day hold period from the date of issuance. Completion of the Offering is subject to final acceptance and approval of the TSX Venture Exchange (\"TSXV\").\nIn connection with this closing, an aggregate of CDN $34,392 in cash fees and 229,280 broker warrants were paid to various finders, including Fin-XO Securities Inc. The broker warrants entitle the holder to purchase one (1) LeoNovus Common Share for a period of two (2) years from the closing date of the Offering at an exercise price of CDN $0.15 per Common Share.\nProceeds of the Offering will be used to finance further growth into the market for of the LeoNovus Connected TV product and its dark core distributed data centre technologies. \nLeoNovus is committed to developing high-quality personalized products to deliver \"all the video, all the web, all the games, at any time\" in a very personalized consumer friendly way. The LeoNovus approach to Internet TV seeks to introduce a unique profitability component that has been missing from current attempts to expand the Web onto the TV an integrated content management system that will deliver carefully targeted advertising, services, home management and applications that are linked to individual viewer preferences and interests. In addition, LeoNovus is deploying its dark core™ technologies optimizing Intelligent Home and Community networks to improve performance, lower cost while generating new revenue streams.\nAbout LeoNovus Inc. (www.LeoNovus.com)LeoNovus is a leading developer of a high performa...