Leonovus Announces Bridge Loan | Financial Post

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by GlobeNewswire

OTTAWA, Feb. 03, 2023 (GLOBE NEWSWIRE) — Leonovus Inc., (“Leonovus” or the “Company”) (TSXV: LTV) announces that it has entered into a loan agreement with two directors of Leonovus, (the “Lenders”) for a secured loan in the principal amount of CAD$100,000 (the “Loan”). The Loan will have a term of eighteen months from the advance date and will bear interest at the rate of 18% per annum and can be paid down at any time with the penalty of the full annual interest. The Loan will be secured by a general security agreement.

Subject to approval of the TSXV, the Lenders will receive a bonus of 2,500,000 common share warrants (the “Warrants”) of the Company, each Warrant have an exercise price of CAD$0.040 per share and a term of eighteen months. No commission or finder’s fee were paid in connection with the Loan. All bonus securities are subject to a hold period of four months and one day from the date of issuance. The number of common shares issued and outstanding at this time is 20,900,996.

GlobeNewswire

2023-02-03 15:43:35

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