Gross proceeds from the private placement (including the initial closing of $1 million) were raised through issuing 11,229,500 units.
Each unit include a LeoNovus common share worth 15 cents, and a common share purchase warrant.
LeoNovus paid $134,754 in cash fees and 898,360 broker warrants in association with the placement.
The company plans to use the money for sales and marketing of its LeoNovus connected television product, as well as to launch a next-generation “dark core” technology.
Earlier this month, LeoNovus stated dark core technology “delivers a breakthrough capability to leverage idle processors in today’s multi-core connected systems … (it) provides on-demand computing resources.”
The company added that the process saves money as it adds more functionality to a network.