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Leonovus Inc. Announces Proposed Share Consolidation

Leonovus Inc
·3 mins read

OTTAWA, Oct. 01, 2020 (GLOBE NEWSWIRE) -- Leonovus Inc. (“Leonovus” or the “Company) (TSXV: LTV) announced today that at the upcoming annual and special shareholder meeting of October 8, 2020, the shareholders will be asked to consider, and if deemed appropriate, pass a special resolution approving an amendment to the Company’s articles to consolidate the issued and outstanding common shares of the Company on the basis of one (1) post-consolidation common share for every thirty (30) pre-consolidation common shares outstanding (the “Consolidation”).

There are currently 288,606,639 common shares issued and outstanding. Post-Consolidation there will be approximately 9,620,221 common shares issued and outstanding. Management believes the Consolidation will improve the attractiveness of investment in the Company and close a private placement transaction, previously announced it the Company’s August 31, 2020 news release.

No fractional common shares of the Company will be issued if, as a result of the Consolidation, a registered shareholder would otherwise be entitled to a fractional share. Instead, the Company will round any fractional shares resulting from the Consolidation in the following manner: a registered shareholders holding 0.50 or more fractional shares will be rounded up to the nearest whole share, and a registered shareholder holding 0.49 or less fractional shares will be rounded down to the nearest whole share.

The Consolidation will affect all Shareholders uniformly and will not affect any Shareholders’ percentage interest in the Company, except to the extent that the Consolidation would otherwise result in a Shareholder owning a fractional share. In addition, the Consolidation will not affect any Shareholder’s proportionate voting rights, subject to the treatment of fractional shares described above.

The Consolidation is subject to shareholder and TSXV approval and the effective date of the Consolidation will be announced once all approvals have been received. No name change will be made in conjunction with the Consolidation.

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. Factors that might cause a difference include, but are not limited to, competitive developments, risks associated with Leonovus’ growth, the state of the financial markets, regulatory risks and other factors. 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. Further information on Leonovus’ public filings, including its most recent audited consolidated financial statements, are available at www.sedar.com.

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.

For More Information, please contact:

George Pretli
Chief Financial Officer
gpretli@leonovus.com