VANCOUVER, Oct. 21, 2013 /CNW/ - Legend Power Systems Inc. (TSX-V: LPS) is pleased to announce it has completed its private placement announced September 30, 2013 and October 16, 2013 by the issuance of 8,185,165 units at $0.09 each for proceeds of $736,665. Each unit consisted of one (post-consolidated) common share and one non-transferable warrant to purchase a further share for $0.15 until October 18, 2016. The Company paid finder's fees of 10% on some of the funds raised, which fees were satisfied by the issuance of 718,405 units at a price of $0.09 each. The shares issued and issuable on exercise of the warrants are subject to restrictions on transfer until February 19, 2014.
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