Ottawa, Ontario--(Newsfile Corp. - September 30, 2026) - Leonovus Inc. (TSXV: LTV) ("Leonovus" or the "Company") today provided a business update on its development of a new kind of regulated exchange in Canada (the "New Exchange"), purpose-built for physically backed gold and silver. The exchange's records of cash and metal entitlements have completed their initial migration onto the production settlement core; patent applications have been filed in the United States covering the inventions underlying the platform; and the software platform is substantially built, with remaining work concentrated in final testing, integrations and pre-launch hardening. The operating name of the New Exchange will be announced in due course.
Highlights
Settlement-core migration complete — customer cash and metal entitlement records now run on the production permissioned distributed-ledger settlement core, supporting atomic, intra-second settlement between the cash and metal legs of every trade.
Patent applications filed with the USPTO — securing priority for the platform's settlement, matching and risk-management inventions. The mechanisms are implemented and demonstrable in working software; no implementation detail is disclosed at this time.
Platform substantially built — matching engine, settlement ledger, custody-binding, surveillance and reporting are operational in working software; remaining work is final testing, integrations and pre-launch hardening.
Regulatory approvals outstanding — the New Exchange is in the process of applying for OSC marketplace recognition (ATS Type I) and CIRO Investment Dealer membership. Neither has been obtained; the New Exchange cannot operate as a public marketplace in Canada until they are granted. Launch timing is subject to regulatory review and approval.
Working Capital Loan from Officer & Director
The Company has borrowed $125,000 (the "Loan") from an officer and director of the Company (the "Lender"). The Loan is unsecured, has an interest rate of 12% per annum payable on the due date and is due on December 31, 2026. No finder's fee, bonus securities or other compensation is payable to the Lender or any third party in connection with the Loan. The Company intends to repay the Loan through future financing activities.
Cautionary Note Regarding Forward-Looking Information
Forward-Looking Information
This news release contains "forward-looking information" within the meaning of applicable Canadian securities laws ("forward-looking information"). Forward-looking information includes, but is not limited to, statements with respect to: the expected development, integration and launch of the Company's planned precious metals exchange platform; the anticipated features and functionality of the platform, including tokenization, custody tracking and customer-to-customer trading of allocated precious metals; the Company's expectation that it will announce financing to support the launch of the project within the near future; the intended use of proceeds of any such financing; and the receipt of required approvals, including applicable regulatory approvals for the precious metals exchange platform.
Forward-looking information is based on management's current expectations and assumptions, including assumptions regarding market conditions, the availability of financing on acceptable terms, the ability of the parties to work collaboratively, the development of the platform and integration progressing as anticipated, and the Company's ability to obtain required approvals.
Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those expressed or implied by such forward-looking information. These risks and uncertainties include, but are not limited to, the risk that development timelines may change, that required approvals for the platform may not be obtained on a timely basis or at all, that financing may not be available on acceptable terms or at all, the anticipated ability to achieve sufficiently high levels of transaction volumes; uncertainty in the market for blockchain technologies; the continued development of a stable public internet infrastructure; the development of a market for the resulting Issuer's products; the implementation of the Resulting Issuer's business plan; failure to protect intellectual property; limited operating history; competition in the blockchain technology industry; the ability to obtain additional financing; risks related to doing business internationally; risks related to doing business in regions with high levels of business corruption and other criminal activity; risks related to cybersecurity threats; and general business, financial market, economic, competitive, political and social uncertainties. Readers are cautioned not to place undue reliance on forward-looking information. Leonovus does not undertake to update any forward-looking information, except as required by applicable law.
Michael Gaffney, Chair and CEO, [email protected]
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/316684