Leo Acquisitions Corp.

October 21, 2016 17:00 ET

Leo Acquisitions Corp. Announces Closing of Private Placement Offering of Common Shares

TORONTO, ONTARIO--(Marketwired - Oct. 21, 2016) - Leo Acquisitions Corp. (NEX:LEQ.H) (the "Company") is pleased to announce that it has closed its previously announced non-brokered private placement offering raising gross proceeds of approximately $36,000. The Company issued 727,272 common shares (post-Consolidation) of the Company (the "Common Shares") at a subscription price of $0.05 per Common Share.

On October 18, 2016, the TSX Venture Exchange (the "TSXV") issued a bulletin confirming that the Company had completed a share consolidation of its issued and outstanding common shares on the basis of one post-consolidation Common Share for 3.3 pre-consolidation Common Shares (the "Consolidation"). The Consolidation was previously approved by the shareholders of the Company at an annual and special meeting of the shareholders of the Company held on October 6, 2016.

The Common Shares issued with respect to the private placement offering will be subject to a statutory four-month hold period expiring February 22, 2017. The private placement offering is subject to certain closing conditions, including, but not limited to, the receipt of applicable regulatory approvals including final approval of the TSXV.

The proceeds of the private placement offering will be used for general corporate purposes and for working capital requirements.

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.

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