Legend Power closes first tranche of $593,550 private placement; director resigns
BURNABY, BC, Feb. 27, 2013 /CNW/ - Legend Power Systems Inc. (TSX-V: LPS) is pleased to announce it has closed the first tranche of a private placement of up to 8,479,286 units at $0.07 each for proceeds of up to $593,550 by issuing a total of 4,844,286 units at $0.07 each for proceeds of $339,100. Each unit consisted of one common share and one non-transferable warrant to purchase a further share for $0.10 for two years. The shares and any shares issued on exercise of the warrants will be subject to restrictions on transfer until June 28, 2013. The second and final tranche is expected to be closed within the next week.
Legend Power also announces that Douglas Blakeway has resigned as a director in order to devote his time to a new business venture. The Company thanks Mr. Blakeway for his past services and contributions and wishes him the best in his new venture.
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 greenhouse gas emissions.
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Organization of Canada
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SOURCE: Legend Power Systems Inc.For further information:
C.E.O. and President
Legend Power Systems Inc.
+ 1 778 945 1501