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LeoNovus Inc Announces Brokered And Non-Brokered Private Placement

Tuesday, 20 Aug 2013 10:31pm EDT 

LeoNovus Inc announced that it has raised aggregate gross proceeds of CAD2,402,799.92 in the closing of concurrent brokered and non-brokered private placement. The aggregate gross proceeds are raised through the issuance of 14,134,116 Units. Each Unit consists of one LeoNovus Common Share priced at CAD0.17 and one Common Share purchase warrant entitling the holder to purchase one LeoNovus Common Share for a period of two years from the closing date of the Offering at an exercise price of CAD0.30 per Common Share, provided that if, after four months and one day following the closing date of the Offering, the weighted average trading price of the Corporation's Common Shares is equal to or exceeds $0.60 for 20 consecutive trading days (with the 20th such trading date hereafter referred to as the Eligible Acceleration Date), the warrant expiry date may be changed to the date which is 30 calendar days following the date a formal notice is issued by the Corporation announcing the reduced warrant term, provided such notice is sent to all warrant holders no more than five business days following the Eligible Acceleration Date. The securities issued pursuant to the Offering are subject to a four month and one day hold period from the date of issuance. Proceeds of the Offering will be used for working capital including the ramp of distributed network offering Cloud Services at the Edges including storage and compute cycles to residential and hospitality markets. 

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