LeoNovus Taps New Director, Seeks Funds for Blockchain Metals Exchange

OTTAWA, ON – April 23, 2026 – LeoNovus Inc. (TSXV: LTV) is making a dual strategic push to advance its ambitious digital precious metals exchange, announcing both a key leadership addition and a plan to raise significant capital. The Ottawa-based company has appointed seasoned financial executive Jason Ewart to its board of directors and signaled its intent to file a Short Form Prospectus to fund the development and launch of its blockchain-based trading platform.

These moves represent a critical juncture for LeoNovus as it seeks to transform its vision, first announced in January, into a commercial reality. The proposed exchange aims to use a permissioned blockchain ledger to facilitate the trading and settlement of physical precious metals, positioning the company at the intersection of traditional commodities and the burgeoning digital asset economy. The success of the upcoming financing and the navigation of a complex regulatory environment will be pivotal in the months ahead.

Bolstering Leadership for a Pivotal Phase

The appointment of Jason Ewart as an independent director injects a significant dose of relevant experience into the company's leadership at a crucial time. Ewart is not a newcomer to the complex worlds of finance and emerging technology. His career includes a formative 14-year tenure as co-founder, CEO, and COO of merchant bank Fountain Asset Corporation, where he honed his skills in capital markets and corporate finance.

More pointedly for LeoNovus, Ewart’s recent and current roles demonstrate a deep engagement with the fintech and digital asset sectors. He has been a director at Brane Digital Asset Custody since 2017, giving him firsthand insight into the security and logistical challenges of the crypto custody space—a critical component of any platform dealing with tokenized assets. His involvement as a co-founder at financial technology company Uptempo, Inc., and as a director at The FUTR Corporation further solidifies his expertise in the technology-driven financial landscape.

This background makes Ewart a strategic addition as LeoNovus prepares to build out its exchange. His experience in capital raising will be invaluable for the planned financing, while his understanding of digital asset custody and financial technology aligns directly with the company's core project. His appointment signals a commitment to strong corporate governance and strategic oversight as the company moves from concept to execution.

Funding the Future of Gold Trading

To power its development, LeoNovus intends to complete an offering through a Short Form Prospectus in all Canadian provinces and territories except Quebec. The financing will consist of "Units," a common structure for venture-stage companies that bundles a common share with a purchase warrant. Each warrant will give the holder the right to acquire an additional common share for a two-year period, providing potential future upside for investors and additional capital for the company if exercised.

According to the company, the proceeds are earmarked for the core activities required to bring the exchange to market: completing development, conducting rigorous system testing, securing necessary regulatory approvals, and funding general working capital. This capital infusion is the essential fuel for the project's next stage.

Handling the offering is Research Capital Corp., an investment firm with a track record in assisting early-stage and micro-cap companies, particularly those on the TSX Venture Exchange where LeoNovus is listed. Notably, Research Capital Corp. has an existing relationship with LeoNovus, having been appointed as an agent for a proposed financing in late 2024. This familiarity could streamline the process and enhance the offering's credibility in the market. While the issuance of new shares and warrants will create dilution for existing shareholders, the capital is deemed essential for realizing the long-term value of the exchange project.

A New Digital Marketplace for Metals

At the heart of LeoNovus's strategy is its digital precious metals exchange. The platform intends to leverage a permissioned blockchain—a private, invitation-only network—to create digital tokens that represent ownership of physical, allocated precious metals. This approach aims to solve long-standing problems in the traditional commodities market, such as illiquidity, high transaction costs, and limited accessibility.

By tokenizing physical gold or silver, LeoNovus could offer several advantages. It enables fractional ownership, allowing investors to buy and sell small portions of a gold bar, thereby lowering the barrier to entry. It also promises near 24/7 trading and faster settlement times compared to the cumbersome processes of physical trading. The inherent transparency and immutability of a blockchain ledger can also enhance security and reduce the risk of fraud.

However, LeoNovus is entering a competitive and rapidly evolving space. Established players like Paxos Gold (PAXG) and Tether Gold (XAUT) already offer gold-backed tokens on the public Ethereum blockchain. Other platforms, such as Kitco's VaultChain™ which uses the Royal Canadian Mint for storage, and The Royal Mint's own DigiGold service, are also vying for market share. LeoNovus will need to differentiate its platform through technology, user experience, security, or unique partnerships to capture a meaningful segment of this nascent market.

Navigating the Regulatory Gauntlet

Perhaps the most significant hurdle for LeoNovus will be navigating Canada's complex and evolving regulatory landscape for digital assets. The company's success is contingent upon receiving all required regulatory approvals, a process that can be lengthy and uncertain.

Canadian regulators, including the Canadian Securities Administrators (CSA) and the Investment Industry Regulatory Organization of Canada (IIROC), have established a framework that treats many crypto assets and the platforms they trade on as securities. This means LeoNovus's exchange could be required to register as an investment dealer and become an IIROC member, subjecting it to stringent rules designed to protect investors.

Furthermore, as a platform dealing with value transfer, it must register with the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) and implement a robust Anti-Money Laundering (AML) and Counter-Terrorism Financing (CTF) compliance program. The fact that the exchange will trade tokens tied to physical assets adds another layer of complexity, blurring the lines between commodities, securities, and derivatives law.

The company’s use of a "permissioned" blockchain may offer more control and a clearer path to compliance within a closed ecosystem, but it does not provide an exemption from this rigorous oversight. The path to full regulatory approval is a formidable challenge, and any delays or denials could significantly impact the project's timeline and viability. The successful execution of its financing and strategic plan will depend heavily on its ability to work constructively with regulators to build a compliant and trusted marketplace.