VANCOUVER, Oct. 1, 2013 /CNW/ - Legend Power Systems Inc. (TSX-V: LPS) intends to consolidate its outstanding common shares on a 3:1 basis. There are currently 95,191,523 shares outstanding and, following the consolidation there will be 31,730,508 shares outstanding.
Following the consolidation, the Company intends to carry out a private placement financing of up to 5,600,000 units at $0.09 each for proceeds of up to $504,000. Each unit will consist of one (post-consolidated) common share and one non-transferable warrant to purchase a further share for three years at $0.15. The Company will pay finder's fees equal to 10% of the funds raised, which fees will be satisfied by the issuance of units at a price of $0.09 each.
Shareholder approval for the consolidation was obtained at the annual general meeting held on April 11, 2013. The consolidation and private placement are 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.
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C.E.O. and President
Legend Power Systems Inc.
+ 1 778 945 1501