Leonovus (TSX-V:LTV) says it’s in a stronger financial position thanks to investors exercising a crop of warrants in recent months.
The Ottawa-based software firm, which develops distributed data storage solutions, has raised slightly more than $2.2 million since Sept. 30 on share warrants that were set to expire before March 20. Chief executive Michael Gaffney said in a statement that 92 per cent of these warrants, which entitle existing investors to purchase additional stake in the company at a set price, were exercised before expiration.
Leonovus currently has 13.75 million outstanding warrants set to expire on Dec. 8, 2019, which could see the firm bring in as much as $8.9 million if exercised before then.
OBJ360 (Sponsored)
The shifting debate on climate change
When Sandra Odendahl started her career in finance, she had a passion for supporting businesses while also doing something positive for the world. There was just one problem — in
Philanthropy can be about more than doing something positive for others. It can also be a way of righting old wrongs. When Patricia Saputo was in her early 20s, she
Shares of Leonovus crept up one cent on the TSX Venture Exchange this week, trading at 15 cents by market close. The company’s stock took a five-cent hit in February following news it had been the victim of bank fraud, with the scam costing the firm US$571,000. Leonovus said at the time it was awaiting news whether its insurance would cover the firm for the loss.
