Leo Acquisitions Corp.
TSX VENTURE : LEQ.H
NEX BOARD : LEQ.H

August 22, 2016 17:30 ET

Leo Acquisitions Corp. Announces 2016 Annual and Special Meeting of Shareholders and Non-Brokered Private Placement

TORONTO, ONTARIO--(Marketwired - Aug. 22, 2016) - Leo Acquisitions Corp. (NEX:LEQ.H) (the "Company" or "Leo") announced today that it will hold its Annual and Special Meeting (the "Meeting") of shareholders on Thursday, October 6, 2016 at 10:00 a.m. (Toronto time). At the Meeting, the Company, among other things, intends to seek shareholder approval for a 1-for-3.3 consolidation (the "Consolidation").The Consolidation is expected to increase Leo's flexibility with respect to potential future equity financings.

Leo currently has 7,240,500 pre-Consolidation common shares issued and outstanding and will have 2,194,091 post-Consolidation common shares issued and outstanding upon completion of the Consolidation. The exercise price and number of common shares issuable pursuant to all outstanding stock options will also be adjusted in accordance with the consolidation ratio.

Leo also intends to proceed with a non-brokered private placement offering of up to 727,272 post-Consolidation common shares (the "Common Shares") at a subscription price of $0.05 per Common Share (post-Consolidation) for gross proceeds of up to $36,000 (the "Private Placement"). The securities to be issued will be subject to a statutory four month-plus-one-day hold period from the date of closing. The proceeds of the Private Placement offering will be used for general corporate purposes.

The Private Placement is being led by investment bank Sunel Securities Inc. ("Sunel"). It is expected that Sunel will be retained by the Company to act as its financial advisor in connection with the Company's pursuit of a Qualifying Transaction (as such term is defined in the policies of the TSXV Venture Exchange) in the tech or biotech industry.

Closing of the Private Placement is contingent on shareholder approval of the Consolidation and, if approved, the Private Placement is expected to close immediately after the Meeting (or any adjournment thereof), subject to the approval of the TSX Venture Exchange and other customary closing conditions.

Neither the 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.

Cautionary Note Regarding Forward Looking Statements

Except for the statements of historical fact, this news release contains "forward-looking statements" within the meaning of the applicable Canadian securities legislation which involves known and unknown risks relevant to the Company. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as "expects" or does not expect", "is expected", anticipates" or "does not anticipate" "plans", "estimates" or "intends" or stating that certain actions, events or results " may", "could", "would", "might" or "will" be taken, occur or be achieved) are not statements of historical fact and may be "forward-looking statements". Forward-looking statements are subject to a variety of risks and uncertainties which could cause actual events or results to materially differ from those reflected in the forward-looking statements.

Contact Information