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Leonovus Private Placement
[September 11, 2017]

Leonovus Private Placement


OTTAWA, Sept. 8, 2017 /CNW/ - LeoNovus® Inc. ("LeoNovus") (TSXV: LTV) announces today a fully-subscribed non-brokered private placement of CDN $1,500,000 by way of issuance of up to 30,000,000 Units at a price of CDN $0.05 per Unit.  Each Unit will be comprised of one common share in the capital of the Company (a "Common Share") and one Common Share purchase warrant (a "Warrant"). Each Warrant will entitle the holder thereof to purchase one (1) Common Share for a period expiring on the day that is eighteen (18) months after the issuance of the Units at a price of CAD $0.075 per Common Share. The Warrant will expire at 5:00 p.m. (Ottawa time) on the expiration date.

In connection with the Offering, the Company will pay cash commissions of seven percent (7%) of the principal amount raised and will issue broker units (the "Broker Units") in an amount up to seven percent (7%) of the number of Units issued to investors introduced to LeoNovus, exercisable on the same terms as the private placement for a period of eighteen (18) months from the closing date of the Offering. The securities issued pursuant to the Offering are subject to a four (4) month and one (1) day hold period from the date of issuance.  The Offering is anticipated to close on or about September 19, 2017.  Completion of the Offering is subject to regulatory approval, including acceptance and approval of the TSX Venture Exchange.

"The proceeds from the Offering will be allocated towards marketing, product development support of the company's new Blockchain products and working capital. We continue to get significnt interest from enterprise customers regarding our core storage, security and compliance architecture and believe that our Blockchain strategy will further enhance our product offering," said Michael Gaffney, Chair and CEO.

About Leonovus Inc. (www.leonovus.com)
Leonovus is a cloud solutions software provider that offers the leading software-defined object storage solution (SDOSS) and governance, risk management and compliance (GRC) solution for the modern enterprise. Designed with the IT manager in mind, Leonovus' patented algorithms virtualize, transform, slice and disperse data across a network of on-premises, hybrid or multi-cloud storage nodes – allowing for the most secure yet internally accessible form of object-based data storage that provides GRC across the entire solution. The advanced geo-distributed architecture minimizes latency, optimizes geo-availability, reduces remote backup costs and meets data sovereignty requirements. With its software and hardware agnostic design, Leonovus provides Petabyte scalability and allows the enterprise to utilize its existing idle storage resources, extend the useable lifespan of depreciated resources and improve the enterprise's overall ROI. To learn more, please visit www.leonovus.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.


This press release may contain forward-looking statements and information, which 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.  There can be no assurance or guarantees 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 should not place undue reliance on any statements of forward-looking information that speak only as of the date of this release.  Further information on LeoNovus' public filings, including their most recent audited consolidated financial statements, are available at www.sedar.com.

 

SOURCE LeoNovus Inc.


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