Leonovus Inc. Announces Extension of Expiry Date of Warrants
OTTAWA, June 08, 2022 (GLOBE NEWSWIRE) -- Leonovus Inc., ("Leonovus" or the "Company") (TSXV: LTV) is pleased to announce that the Company has received approval from the TSX Venture Exchange on the extension of 5,137,203 common share purchase warrants (the "Warrants") which were issued as part of the private placement of the Company on December 31, 2020. The Warrants, originally set to expire on December 31, 2021, and previously extended to expire on June 15, 2022, will now expire on June 15, 2024. Holders of Warrants will not receive an amended Warrant certificate.
A portion of the Warrants are held by parties who are considered to be "related parties" of the Company. Therefore, the amendment of Warrants constitutes a "related party transaction" as contemplated by Multilateral Instrument 61-101 Protection of Minority Shareholders in Special Transactions (“MI 61-101”), and Exchange Policy 5.9 - Protection of Minority Shareholders in Special Transactions. However, the exemptions from formal valuation and minority approval requirements provided for under sections 5.5(a) and 5.7(1)(a) of MI 61-101 can be relied upon as the fair market value of the Warrants does not exceed 25% of the market capitalization of the Company.
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. Torozo.com is its main product. Torozo is a data-centric security architecture focused on securing and protecting files so only you and those you designate may use or see them. Only authenticated and authorized users and services have access to the files, leaving ransomware, malware, bad actors, and even your administrators with no path to access your valuable digital assets.
Torozo encrypts data before leaving your machine, in transit and at rest using our FIPS 140-2 validated cryptography. In addition, Torozo's ESS (encrypt, shred, and spread) technology works transparently behind the scenes to further protect your data like no other system on the planet.
To learn more, please visit www.leonovus.com.
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. 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.
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.
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Chief Financial Officer