Leonovus Closes $1.5 Million Financing to Fuel Blockchain Strategy

LeoNovus (TSXV:LTV) has announced it has closed a $1.5 million financing by way of a non-brokered private placement for 30 million units of the company at $0.05 per unit.
As quoted in the press release:

 Each Unit is one common share in the capital of the Company (a “Common Share”) and one Common Share Purchase Warrant.  Each Warrant is exercisable into one Common Share at a price of CDN$0.075per Common Share for eighteen (18) months from the closing date of the Offering. The TSXV granted conditional approval for this financing on September 19, 2017.

“The proceeds will be allocated towards working capital, sales and a significant amount of the proceeds towards our Blockchain initiatives to enhance our powerful security and compliance solution for bulk and archival data, which makes the total Leonovus solution even more attractive to our customers,” said Michael Gaffney, Chairman, and CEO.
In connection with the Offering, the Company will pay cash finder’s fees of seven percent (7%) of the principal amount of funds raised, and will issue Broker Units in an amount of seven (7%) of the number of Units issued. Each Broker Unit is exercisable for a period of eighteen (18) months from the closing date of the Offering for the purchase of one Unit of the Company at a price of $0.05. Each Unit has the same terms as the Units in the Offering.

Click here to read the full press release.