LeoNovus Announces the Initial Closing of its Private Placement
LeoNovus Announces the Initial Closing of its Private Placement
Gross Proceeds of Over CDN $400 Thousand
SUNNYVALE, Calif., Jan. 31, 2013 /PRNewswire/ -- LeoNovus Inc. ("LeoNovus" or the "Company") (TSX-V: LTV), announced today it has raised gross proceeds of CDN $429,900. for an initial close by way of a non-brokered private placement (the "Offering") of units ("the Units") at a price of CDN $0.15 per Unit. Each Unit consists of one (1) LeoNovus Common Share and one (1) Common Share purchase warrant entitling the holder to purchase one (1) LeoNovus Common Share for a period of two (2) years from the closing date of the Offering at an exercise price of CDN $0.24 per Common Share. The initial closing raised gross proceeds of CDN$ 429,900. through the issuance of 2,866,000 Units. The securities to be issued pursuant to the Offering will be subject to a four (4) month and one (1) day hold period from the date of issuance. Completion of the Offering is subject to final acceptance and approval of the TSX Venture Exchange ("TSXV").
In connection with this closing, an aggregate of CDN $34,392 in cash fees and 229,280 broker warrants were paid to various finders, including Fin-XO Securities Inc. The broker warrants entitle the holder to purchase one (1) LeoNovus Common Share for a period of two (2) years from the closing date of the Offering at an exercise price of CDN $0.15 per Common Share.
Proceeds of the Offering will be used to finance further growth into the market for of the LeoNovus Connected TV product and its dark core distributed data centre technologies.
LeoNovus is committed to developing high-quality personalized products to deliver "all the video, all the web, all the games, at any time" in a very personalized consumer friendly way. The LeoNovus approach to Internet TV seeks to introduce a unique profitability component that has been missing from current attempts to expand the Web onto the TV an integrated content management system that will deliver carefully targeted advertising, services, home management and applications that are linked to individual viewer preferences and interests. In addition, LeoNovus is deploying its dark core(TM) technologies optimizing Intelligent Home and Community networks to improve performance, lower cost while generating new revenue streams.
About LeoNovus Inc. (www.LeoNovus.com)
LeoNovus is a leading developer of a high performance browser-based Internet platform with a managed system approach that provides 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. LeoNovus seeks to change the way high-value Internet content is organized, monetized, and delivered on HDTVs, providing a true personalized consumer electronics experience to the largest monitor in the house.
LeoNovus adds its proprietary break-through dark core technologies enabling the ability to leverage idle processors for purposes of building Intelligent Networks and edge computing to reduce costs increase performance and deliver additional revenue streams via distributed networks.
LeoNovus shares have traded on the TSX Venture Exchange since June 10, 2009. Further information about LeoNovus can be found in its filings with Canadian securities regulators, which filings are available at http://www.sedar.com
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Certain information included in this press release is forward-looking and may involve risks and uncertainties. The results or events predicted in these statements may differ materially from actual results or events. Factors that might cause a difference include, but are not limited to, competitive developments, risks associated with LeoNovus' growth, the state of the financial markets, regulatory risks and other factors. Forward-looking statements included or incorporated by reference in this press release include statements with respect to proposed terms of, and the intended use of proceeds of, the Offering. There can be no assurance that any statements of forward-looking information contained in this release will prove to be accurate. Actual results and future events could differ materially from those anticipated in such statements. These and all subsequent written and oral statements containing forward-looking information are based on the estimates and opinions of management on the dates they are made and expressly qualified in their entirety by this notice. Unless otherwise required by applicable securities laws, LeoNovus disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Readers are cautioned not to place undue reliance on any statements of forward-looking information that speak only as of the date of this release. More detailed information about potential factors that could affect LeoNovus' financial and business results is included in public documents LeoNovus files from time to time with Canadian securities regulatory authorities and which are available at www.sedar.com.
All trademarks, registered trademarks and brands mentioned in this release are the property of their respective owners.
SOURCE LeoNovus Inc.
LeoNovus Inc.
CONTACT: T: +1-408-541-9400, F: +1-408-541-9410, IR@LeoNovus.com, Jim Fredrickson, Chief Financial Officer
Web Site: http://www.sedar.com
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