Non-brokered sale of shares, one-year warrants funds working capital
By Devika Patel
Knoxville, Tenn., June 14 - LeoNovus Inc. said it plans a C$1.51 million non-brokered private placement of units.
The company will sell 4.3 million units of one common share and one warrant at C$0.35 each. The warrants are each exercisable at C$0.55 for one year. The strike price reflects a 46.67% premium to the June 13 closing share price of C$0.375.
Proceeds will be used for working capital, including the sales and marketing of the LeoNovus Connected TV product.
Based in Palo Alto, Calif., LeoNovus is developing a browser-based internet software platform with a managed system that provides consumer electronic devices, such as high definition television, access to the features, content and functionality available on the Internet
| Issuer: | LeoNovus Inc.
|
| Issue: | Units of one common share and one warrant
|
| Amount: | C$1,505,000
|
| Units: | 4.3 million
|
| Price: | C$0.35
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | One year
|
| Warrant strike price: | C$0.55
|
| Agent: | Non-brokered
|
| Pricing date: | June 14
|
| Stock symbol: | TSX Venture: LTV
|
| Stock price: | C$0.375 at close June 13
|
| Market capitalization: | C$17.6 million
|
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