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