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Leonovus Closes $1.3 Million Financing Round

Canadian provider of software-defined object storage solution

Leonovus Inc.http://www.leonovus.com raised gross proceeds of $1.3 million in the initial closing of its previously announced non-brokered private placement for units of the company at a price of CDN $0.05 per unit. 

Each unit is comprised of one common share in the capital of the company and one common share purchase warrant.  Each warrant is exercisable into one common share at a price of CDN $0.10 per common share for a period of 24 months from the date of issuance.

The initial closing raised gross proceeds of $1.3 million through the issuance of 26,000,000 Units. The common shares and warrants issued pursuant to the offering are subject to a four month and one  day hold period from the date of issuance. Completion of the offering is subject to final acceptance and approval of the TSX Venture Exchange.

In connection with the initial closing, LeoNovus will pay an aggregate of $78,000 in cash and issue 1,560,000 warrants as finder’s fees. The warrants bear the same terms and conditions as the warrants issued in the offering and are subject to a four month and one day hold period from the date of issuance.

The proceeds will be allocated towards working capital and to fuel sales growth. Leonovus is in active discussions to begin software trials with several financial institutions, colleges, police forces and government departments. We hope to have at least five large enterprises installing our powerful security and compliance solution for bulk and archival data that needs to be stored in an on-premises, cloud, hybrid-cloud or multi-cloud architecture by the end of March. The Leonovus software defined object storage solution, based on what or prospects are saying, is quite unique in the market and fills a real need,” said Michael Gaffney, chairman and CEO, Leonovus, who was CO of Intouch Insight, Kleer Semiconductor and Lansbridge University.

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