LeoNovus Inc. (TSXV:LTV) announced a non-brokered private placement of 12,000,000 units at a price of CAD 0.05 per unit for gross proceeds of CAD 600,000 on January 31, 2017. Each unit consists of one common share and one warrant. Each warrant entitles its holder to acquire one common share at an exercise price of CAD 0.10 for a period of two years. An institutional investor and insiders have subscribed for 50% of the transaction. The company intends to close the transaction on or about February 15, 2017. The transaction is subject to regulatory approval, and approval of TSX Venture exchange. The securities issued will be subject to a hold period of four months and one day.