Legend Power completes $198,000 private placement and agrees to settle $81,733 of indebtedness

VANCOUVER, Aug. 1, 2013 /CNW/ - Legend Power Systems Inc. (TSXV: LPS) has completed a private placement of 6,603,000 units at $0.03 each for proceeds of $198,030. Each unit consisted of one common share and one non-transferable warrant to purchase a further share for three years at $0.05 in the first year and $0.10 in the last two years. The shares and any shares issued on the exercise of the warrants are subject to restrictions on transfer until December 1, 2013.

The proceeds of the private placement will be used to pay salaries and payroll deductions of approximately $101,000, to pay occupancy costs and accounts payable of approximately $45,000 and for ongoing working capital of approximately $52,000. There will be no payments to related parties (directors and officers) from these proceeds.

The private placement was approved by Legend Power's board of directors other than those that participated in the placement who are, in accordance with applicable corporate law, required to abstain from voting.

Legend Power also announces that it intends, subject  to TSX Venture Exchange approval, to settle outstanding indebtedness to employees, officers and consultants totalling $81,733 by the issuance of 1,634,660 shares at a deemed price of $0.05 per share.

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.

Randy Buchamer 
C.E.O. and President
Legend Power Systems Inc.
+ 1 778 945 1501
[email protected]