TORONTO, Dec. 17, 2015 /CNW/ - Legend Power Systems Inc. (TSX-V: LPS) (the "Company") continues to see growth and success from new sales and follow on orders. To support the strong sales growth and accelerate the entrance into the USA marketplace, the Company would greatly benefit from an increase in its working capital. Accordingly, the Company intends to carry out a private placement financing to raise up to $1,650,000 by the issuance of up to 8,250,000 units at $0.20 each. Each unit will consist 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 has entered into a finder's agreement with Primary Capital of Toronto, Ontario whereby Primary will be paid a 7% fee, payable in cash or units, at Primary's election, for any subscriptions it introduces to the Company.
The private placement is 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: Randy Buchamer, C.E.O. and President, Legend Power Systems Inc., + 1 778 945 1501, [email protected]