Deal sells 11,229,500 common shares, full warrants at C$0.15 per unit
By Devika Patel
Knoxville, Tenn., Oct. 25 - LeoNovus Inc. said it raised C$655,050 in the second and final tranche a C$1.68 million private placement of units. The deal priced for C$3 million on Sept. 24 and raised C$1.03 million on Sept. 28.
The company sold a total of 11,229,500 units of one common share and one warrant at C$0.15 per unit. It sold 6,862,500 units in the initial tranche and 4,367,000 units in the final tranche.
Each two-year warrant is exercisable at C$0.24. The strike price is a 41.18% premium to C$0.17, the Sept. 21 closing share price.
Proceeds will be used for working capital.
Based in Palo Alto, Calif., LeoNovus is developing a high-performance, browser-based internet platform that will provide HDTVs and other consumer electronic devices with access to all the features, content and functionality available on the web without the malware, security and support issues of a PC.
| Issuer: | LeoNovus Inc.
|
| Issue: | Units of one common share and one warrant
|
| Amount: | C$1,684,425
|
| Units: | 11,229,500
|
| Price: | C$0.15
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.24
|
| Agent: | Non-brokered
|
| Pricing date: | Sept. 24
|
| Settlement dates: | Sept. 28 (for C$1,029,375), Oct. 25 (for C$655,050)
|
| Stock symbol: | TSX Venture: LTV
|
| Stock price: | C$0.17 at close Sept. 21
|
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