TORONTO, Jan. 4, 2016 /CNW/ - Legend Power Systems Inc. (TSX-V: LPS) (the "Company") is pleased to announce it has completed its private placement financing announced on December 17, 2015 and has raised $1,660,000 by the issuance of 8,300,000 units at $0.20 each. Each unit consisted of one common share and one non-transferable warrant, each whole warrant entitling the purchase of a common share for two years at $0.40. The Company issued 498,750 units in satisfaction of 7% finder's fees as follows: Primary Capital Inc. of Toronto (426,125 units), Haywood Securities Inc. of Vancouver (50,750 units) and Canaccord Genuity Corp. of Vancouver (21,875 units). The shares issued, and the shares issuable on exercise of the warrants, are subject to a four month transfer restriction expiring on May 1, 2016.
The Company's CEO and President, Randy Buchamer, said: "Legend Power is pleased that despite the state of the equity markets its financing was oversubscribed. I feel that this is a strong endorsement of our company's product and execution of its business plan. Legend Power will use these additional funds to support its strong sales growth and accelerate its entrance into the United States market for its Voltage Harmonizer product."
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, [email protected]