Legend Power Systems Inc. (TSX.V:LPS) (“Legend Power”) announces that it is proceeding with a non-brokered private placement of 3,750,000 units (the “Units”) at a price of $0.40 per Unit for total proceeds of $1,500,000 (the “Offering”). Each Unit will consist of one common share in the capital of Legend Power (a “Share”) and one-half of one common share purchase warrant (“Warrant”). Each whole Warrant will entitle the holder thereof to purchase one common share at a price of $0.60 per share for a period of 18 months from the closing of the Offering.
The Units will be made available by way of private placement exemptions in Canada under National Instrument 45-106 – Prospectus and Registration Exemptions and the Units may be offered in other jurisdictions where they can be issued on a private placement basis, exempt from any prospectus, registration or other similar requirements.
Closing of the Offering is subject to a number of conditions, including receipt of all necessary corporate and regulatory approvals, including the TSX Venture Exchange. All securities issued in connection with the Offering will be subject to a statutory hold period of four months plus a day from the date of issuance in accordance with applicable securities legislation. The Company may pay a finder’s fee on the Offering, in cash, Common Shares, Warrants or a combination thereof.
The proceeds from the Offering will be used for the rollout of the California sales program and the continuation of sales in the Canadian market.
|For further information, please contact:
Gerry Gill, Chairman & CEO
Legend Power Systems Inc.
+ 1 604 420 1500
|LEGEND POWER SYSTEMS INC.
8618 Commerce Court
Burnaby, BC V5A 4N6
+1 604 420 1500