pcNewsWire – Leo Acquisitions Corp. (TSX-V: LEQ.H) intends to complete a non-brokered private placement offering of up to 909,090 common shares at a subscription price of $0.055 per Common Share for gross proceeds of up to $50,000.
Proceeds will be used for general corporate purposes and for working capital requirements.
New Release
LEO ACQUISITIONS CORP. ANNOUNCES NON-BROKERED PRIVATE PLACEMENT OFFERING OF COMMON SHARES
NOT FOR DISTRIBUTION IN THE UNITED STATES OR OVER U.S. NEWSWIRE SERVICES
TORONTO, ONTARIO, June 7, 2017 – Leo Acquisitions Corp. (NEX BOARD – TSXV:LEQ.H) is pleased to announce that it intends to complete a non-brokered private placement offering of up to 909,090 common shares (the “Common Shares”) at a subscription price of $0.055 per Common Share for gross proceeds of up to $50,000 (the “Offering”). The Common Shares to be issued will be subject to a statutory four month-plus-one-day hold period from the date of closing, in accordance with the rules and policies of the TSX Venture Exchange (“TSXV”) and applicable Canadian securities laws, and such further restrictions as may apply under foreign securities laws.
It is anticipated that insiders of the Company will subscribe for the Common Shares under the Offering. The issuances of Common Shares to insiders pursuant to the Offering will be considered related party transactions within the meaning of TSXV Policy 5.9 and Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (“MI 61-101”). The Company intends to rely on sections 5.5(b) and (c) of MI 61-101 for an exemption from the formal valuation requirement and section 5.7(b) of MI 61-101 for an exemption from the minority shareholder approval requirement.
The proceeds of the Offering will be used for general corporate purposes and for working capital requirements. Completion of the Offering is subject to the approval of the TSXV and other customary closing conditions.
The TSXV has in no way passed upon the merits of the Company and has neither approved nor disapproved the contents of this press release. Neither the TSXV nor its Regulation Services Provider (as that term is defined in policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.
FOR FURTHER INFORMATION PLEASE CONTACT:
Leo Acquisitions Corp.
Gerry Goldberg, President and CEO
(416) 780‐2244
Gerry.goldberg@slf.ca
