Legend Power Announces Non-Material Related Party Transaction
BURNABY, BC, Nov. 13, 2012 /CNW/ - Legend Power Systems Inc. (TSXV: LPS) ("Legend Power") announces that pursuant to TSX Venture Exchange requirements it has privately sold 270,000 units of Legend Power ("Units") at a price of $0.05 for gross proceeds of $13,500 to one insider of the Company. Each Unit consists of one common share of Legend Power (a "Share") and one common share purchase warrant (a "Warrant"). Each whole Warrant entitles the holder thereof to purchase one Share at a price of $0.10 per Share for a period of 12 months following the closing of the Offering. All securities issued in connection with the Offering are subject to a statutory four-month hold period expiring on March 14, 2013. The proceeds from the Offering will be used by Legend Power for working capital purposes.
About Legend Power Systems Inc.
Legend Power Systems Inc. (www.legendpower.com) is a leading electrical energy conservation company that manufactures and markets a patented device to help commercial and industrial customers achieve significant energy savings through voltage optimization. Legend Power's Electrical Harmonizer-AVR helps companies reduce their electricity bills, maintenance costs, and increases the life of electrical equipment, while contributing to a reduction in green house gas emissions.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE: Legend Power Systems Inc.For further information:
Chief Financial Officer and Corporate Secretary
Legend Power Systems Inc.
+ 1 778 945 1503
LEGEND POWER SYSTEMS INC.
8561 Commerce Court
Burnaby, BC V5A 4N5
+1 604 420 1500