Business
LeoNovus Closes Concurrent Institutional Brokered And Non-Brokered Private Placement
D&D Securities Inc., Lead Agent and Power One Capital Markets as co-Agent, deliver on a ...
About this update from Leonovus Inc.
[{"type":"text","content":"\n\nD&D Securities Inc., Lead Agent and Power One Capital Markets as co-Agent, deliver on a successful close increasing visibility for LeoNovus and its technology in the Capital Markets\n\n\nSUNNYVALE, Calif., Aug. 20, 2013 /CNW/ - LeoNovus Inc. (\"LeoNovus\" or the \"Company\") (TSX-V: LTV) a leading Internet technology developer with its multi-dimensional SMART Media Software Platform™ and SMART Networks™, is pleased to announce it has raised aggregate gross proceeds of CDN $2,402,799.92 in the closing of its concurrent brokered and non-brokered private placement (the \"Offering\"). The aggregate gross proceeds are raised through the issuance of 14,134,116 Units. Each Unit consists of one (1) LeoNovus Common Share priced at CDN $0.17 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 $0.30 per Common Share, provided that if, after four months and one day following the closing date of the Offering, the weighted average trading price of the Corporation's Common Shares is equal to or exceeds $0.60 for 20 consecutive trading days (with the 20th such trading date hereafter referred to as the \"Eligible Acceleration Date\"), the warrant expiry date may be changed to the date which is 30 calendar days following the date a formal notice is issued by the Corporation announcing the reduced warrant term, provided such notice is sent to all warrant holders no more than five business days following the Eligible Acceleration Date. The securities issued pursuant to the Offering are subject to a four (4) month and one (1) day hold period from the date of issuance. Both the brokered and non-brokered private placements are subject to the final approval of the TSX Venture Exchange.\nIn connection with this closing, an aggregate of CDN $155,121.66 in cash fees and 1,107,794 broker warrants units will be paid to D&D Securities Inc. as Lead Agent and Power One Capital Markets as co-Agent for agent's expenses, commissions and finder's fees. The non-brokered portion has a cash fee of $34,880.99 and 205,182 broker warrants issued in respect of finder's fees entitle the holder to purchase one (1) LeoNovus Common Share for a period of two (2) years from the date of issue at an exercis...