VANCOUVER, April 1, 2014 /CNW/ - Legend Power Systems Inc. (TSX-V: LPS) is pleased to announce it has raised $1,186,524.75 from the exercise of warrants under its first warrant incentive exercise program. The program was launched on March 7, 2014 to encourage the early exercise of outstanding warrants to purchase 8,185,165 shares for $0.15 per share until October 18, 2016 (the "Original Warrants"). All but 275,000 of the Original Warrants eligible under the program were exercised.
To encourage the early exercise of the Original Warrants, the Company amended their terms so that each holder who exercised Original Warrants on or before March 31, 2014 received an additional non-transferable share purchase warrant (an "Additional Warrant"). Each Additional Warrant entitles the holder to acquire one common share of the Company at an exercise price of Cdn $0.30 until October 18, 2016.
The common shares issuable on the exercise of 450,000 Additional Warrants issued to a company controlled by an officer and director of the Company will be subject to a four month restricted resale period expiring July 21, 2014. Any common shares issued on the exercise of the other Additional Warrants will not be subject to any resale restrictions.
The proceeds from the early exercise of the Original Warrants will be used for general working capital purposes.
The Company's second warrant incentive exercise program announced March 18, 2014 will expire on April 17, 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