Legend Power completes 3:1 share consolidation, increases private placement to $727,000 & extends $500,000 loan

VANCOUVER, Oct. 16, 2013 /CNW/ - Legend Power Systems Inc. (TSX-V: LPS) completed its three into one common share consolidation effective Tuesday, October 15, 2013. Shareholders will not be sent Transmittal Letters, instead existing share certificates will continue to be accepted on a pro-rated basis.

Legend has also increased its private placement announced September 30, 2013 from $504,000 to $727,000 and now intends to issue up to 8,077,778 units at $0.09 each for proceeds of up to $727,000. Each unit will consist of one (post-consolidated) common share and one non-transferable warrant to purchase a further share for three years at $0.15. The Company may pay finder's fees equal to 10% of the funds raised, which fees will be satisfied by the issuance of units at a price of $0.09 each. The private placement remains subject to receipt of TSX Venture Exchange approval.

Finally, Legend has negotiated the extension of the $500,000 loan obtained on October 31, 2012 to October 31, 2014. Subject to TSX Venture Exchange approval, Legend will issue 670,000 (post-consolidated) shares to the lender consortium (which is led by Quest Capital Management Corp. on behalf of a syndicate of lenders and includes Company insiders for a total of $125,000) as consideration for the extension. The loan carries interest at a rate equal to 8% per annum, and is secured by a general security agreement.

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 savings solution helps companies reduce their electricity bills, maintenance costs, and increases the life of electrical equipment, while contributing to a reduction in greenhouse gas emissions.

Neither the TSX Venture Exchange nor the Investment Industry Regulatory Organization of Canada
accepts responsibility for the adequacy or accuracy of this release.


 

SOURCE: Legend Power Systems Inc.

For further information:

Randy Buchamer C.E.O. and President
Legend Power Systems Inc.
+ 1 778 945 1501
rbuchamer@legendpower.com

Profil de l'entreprise

Legend Power Systems Inc.

Renseignements sur cet organisme


FORFAITS PERSONNALISÉS

Jetez un coup d’œil sur nos forfaits personnalisés ou créez le vôtre selon vos besoins de communication particuliers.

Commencez dès aujourd'hui .

ADHÉSION À CNW

Remplissez un formulaire d'adhésion à CNW ou communiquez avec nous au 1-877-269-7890.

RENSEIGNEZ-VOUS SUR LES SERVICES DE CNW

Demandez plus d'informations sur les produits et services de CNW ou communiquez avec nous au 1‑877-269-7890.