OTTAWA, Dec. 03, 2021 (GLOBE NEWSWIRE) -- Leonovus Inc., ("Leonovus" the "Company") (TSXV: LTV) announces that it will extend the expiry date of a total of 5,137,203 common share purchase warrants (the “Warrants”) which were issued as part of the private placement of the Company completed on December 31, 2020. The Warrants are exercisable for a price of $0.60, and currently expire on December 31, 2021. The Company proposes to extend the expiry date to June 15, 2022. All other terms of the Warrants shall remain unchanged. The proposed Warrant extension is conditional upon receiving approval from the TSX Venture Exchange (the “Exchange”).

A portion of the Warrants are held by parties who are considered to be "related parties" of the Company. Therefore, the amendment of Warrants constitutes a "related party transaction" as contemplated by Multilateral Instrument 61-101 Protection of Minority Shareholders in Special Transactions (“MI 61-101”), and Exchange Policy 5.9 - Protection of Minority Shareholders in Special Transactions. However, the exemptions from formal valuation and minority approval requirements provided for under sections 5.5(a) and 5.7(1)(a) of MI 61-101 can be relied upon as the fair market value of the Warrants does not exceed 25% of the market capitalization of the Company.

Holders of Warrants will not receive an amended Warrant certificate.

About Leonovus

Leonovus is a secure data management software company. The Leonovus suite of data management tools offer customers a complete end-to-end data-centric solution. This solution can stand on its own, or it can be integrated with the organization's zero-trust strategy and architecture. It takes seamless advantage of the organization's existing storage infrastructure and network architecture, working on-premises, in the cloud, or both and extends the data-centric controls across the entire architecture, including cloud resources.

To learn more, please visit www.leonovus.com.

https://www.globenewswire.com/news-release/2021/12/03/2346084/0/en/Leonovus-Inc-Extension-of-Expiry-Date-of-Warrants.html