Leonovus Raises $2.2 Million CAD Through Successful Warrant Exercise

OTTAWA, March 21, 2019 /CNW Telbec/ - Leonovus Inc., ("Leonovus or the Company") (TSXV: LTV) (OTC: LVNSF) today announces since September 30, 2018 it has received gross proceeds of $2,201,550 CAD from the exercise of warrants prior to their expirations on March 10 and March 20, 2019. All warrants issued by the company that matured on March 10 or March 20, 2019 have now been exercised or expired.

"Leonovus is privileged to have strong support from our investor community as demonstrated by the successful warrant exercise with over 92% of the warrants being exercised," said Michael Gaffney, CEO of Leonovus. "This additional capital will help our efforts to grow revenues and become a major provider of software solutions for the distributed storage market."

The March 2019 warrants, that were exercised or expired, eliminated the overhang on the Company's capital structure, positioning the structure for clean appreciation as revenues increase. There remain 13,750,000 warrants that expire on December 8, 2019 at an exercise price of $0.65 CAD.

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 its most recent audited consolidated financial statements, are available at 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.

 

SOURCE Leonovus Inc.

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