LeoNovus hopes to raise over $2M with share sell off

LeoNovus (TSXV: LTV), a software company with offices in California and Ottawa, is attempting to raise $2.3 million by selling some shares.

The company, which develops a cloud-based system for connecting HDTVs to the Internet, plans to issue up to 9,700,000 units through a non-brokered private placement. The units, priced at 23 cents each, will consist of one common share and a purchase warrant.

Each warrant allow its holder to purchase one common share at a price of 40 cents.

LeoNovus “anticipates that an insider of the company may purchase up to 41.24 per cent of the offering,” according to a press release issued on Friday.