Deal sells 20 million common shares, full warrants at C$0.15 per unit
By Devika Patel
Knoxville, Tenn., Sept. 28 - LeoNovus Inc. said it raised C$1.03 million in the first tranche a C$3 million private placement of units. The deal priced on Sept. 24.
The company is selling 20 million units of one common share and one warrant at C$0.15 per unit. It sold 6,862,500 units in the initial 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$3 million
|
| Units: | 20 million
|
| 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 date: | Sept. 28 (for C$1,029,375)
|
| Stock symbol: | TSX Venture: LTV
|
| Stock price: | C$0.17 at close Sept. 21
|
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