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.
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:
C.E.O. and President
Legend Power Systems Inc.
+ 1 778 945 1501