OTTAWA,
ON, Aug. 6, 2024 /CNW/ - Leonovus
Inc., ("Leonovus" the "Company") (TSXV: LTV) announces
that it has amended the terms of the loan agreement entered into
with two directors of Leonovus (the "Lenders"), previously
announced on February 3, 2023, and
updated on January 31, 2024.
The maturity date of the loans, and the expiry date of the warrants
issued to the Lenders as consideration for the loans, has been
extended to August 3, 2025.
The amendment is subject to approval by the TSX Venture
Exchange.
Insider Participation in Loans
As Lenders are members of the board of directors of Leonovus
(the "Insiders"), the amendment to the loan agreement to extend the
maturity date and the expiry date of the warrants constitutes a
"related party transaction" under Multilateral Instrument 61-101
Protection of Minority Security Holders in Special
Transactions ("MI 61-101"). Leonovus has relied on the
exemption under 5.5 (b) of MI 61-101 for the requirement to obtain
a formal valuation for the Warrants issuable to the Insiders, and
the exemption under Section 5.7(1)(a) of MI 61-101 for the
requirement to obtain minority approval as the total value of the
loan, and the value of the warrants, are not equal to or greater
than 25% of the market capitalization of the Company, whether
considered separately or together.
About Leonovus
Leonovus is a secure data management software company. The
Leonovus suite of data management tools offer customers a complete
end-to-end data-centric solution. This solution can stand on its
own, or it can be integrated with the organization's zero-trust
strategy and architecture. It takes seamless advantage of the
organization's existing storage infrastructure and network
architecture, working on-premises, in the cloud, or both and
extends the data-centric controls across the entire architecture,
including cloud resources.
To learn more, please visit www.leonovus.com.
This press release may contain forward-looking statements and
information, which may involve risks and uncertainties, including
statements relating to TSXV approval for the loan and warrant
extensions. 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.sedarplus.ca .
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.