VANCOUVER, Oct. 1, 2013 /CNW/ - Legend Power Systems Inc. (TSX-V: LPS)
intends to consolidate its outstanding common shares on a 3:1 basis.
There are currently 95,191,523 shares outstanding and, following the
consolidation there will be 31,730,508 shares outstanding.
Following the consolidation, the Company intends to carry out a private
placement financing of up to 5,600,000 units at $0.09 each for proceeds
of up to $504,000. 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 will 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.
Shareholder approval for the consolidation was obtained at the annual
general meeting held on April 11, 2013. The consolidation and private
placement are subject to receipt of TSX Venture Exchange approval.
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:
C.E.O. and President
Legend Power Systems Inc.
+ 1 778 945 1501