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)
Upgrading tech without the price tag: How one Ottawa company is changing the game
They say, “If it ain’t broke, don’t fix it.” But what if it’s outdated? Keeping up with the latest technologies can be a challenge when the pace of innovation is
ExecHealth brings Canada’s leading advanced longevity program to National Capital Region
Ottawa’s ExecHealth was one of the first private clinics in Canada to provide personalized, ongoing primary care, having opened its doors 20 years ago this year. Now the pioneering local
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.
