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Leonovus closes $1,500,000 financing to fuel Blockchain strategy

OTTAWA, Sept. 22, 2017 /CNW/ – LeoNovus® Inc. (“LeoNovus”) (TSXV: LTV) announced today that it closed a $1,500,000 financing by way of a non-brokered private placement for 30,000,000 Units (“Units”) of the Company at a price of CDN $0.05 per Unit (the “Offering”). Each Unit is one common share in the capital of the Company (a “Common Share”) and one Common Share Purchase Warrant. Each Warrant is exercisable into one Common Share at a price of CDN$0.075 per Common Share for eighteen (18) months from the closing date of the Offering. The TSXV granted conditional approval for this financing on September 19, 2017.

“The proceeds will be allocated towards working capital, sales and a significant amount of the proceeds towards our Blockchain initiatives to enhance our powerful security and compliance solution for bulk and archival data, which makes the total Leonovus solution even more attractive to our customers,” said Michael Gaffney, Chairman, and CEO.

In connection with the Offering, the Company will pay cash finder’s fees of seven percent (7%) of the principal amount of funds raised, and will issue Broker Units in an amount of seven (7%) of the number of Units issued. Each Broker Unit is exercisable for a period of eighteen (18) months from the closing date of the Offering for the purchase of one Unit of the Company at a price of $0.05. Each Unit has the same terms as the Units in the Offering.

All securities issued under the Offering are subject to a four (4) month and one (1) day hold period from the date of issuance.
About Leonovus Inc. (www.leonovus.com)

Leonovus is a cloud solutions software provider that offers a leading, block chain enhanced, software-defined object storage solution and governance, risk management and compliance (GRC) solution for the modern enterprise. Designed with the IT manager in mind, Leonovus’ patented algorithms virtualize, transform, slice and disperse data across a network of on-premises, hybrid or multi-cloud storage nodes – allowing for the most secure yet internally accessible form of object-based data storage that provides GRC across the entire solution. The advanced geo-distributed architecture minimizes latency, optimizes geo-availability, reduces remote backup costs and meets data sovereignty requirements. With its software and hardware agnostic design, Leonovus provides Petabyte scalability and allows the enterprise to utilize its existing idle storage resources, extend the useable lifespan of depreciated resources and improve the enterprise’s overall ROI. To learn more, please visit www.leonovus.com.

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