Business
Legend announces non-brokered private placement to raise $1,500,000
Legend announces non-brokered private placement to raise $1,500,000
About this update from Legend Power Systems Inc.
[{"type":"text","content":"\n\n\n\n Jul. 13, 2010 (Canada NewsWire Group) -- /THIS NEWS RELEASE IS NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/\n\n Legend Power Systems Inc. (TSX.V:LPS) ("Legend Power") announces that it is proceeding with a non-brokered private placement of 3,750,000 units (the "Units") at a price of $0.40 per Unit for total proceeds of $1,500,000 (the "Offering"). Each Unit will consist of one common share in the capital of Legend Power (a "Share") and one-half of one common share purchase warrant ("Warrant"). Each whole Warrant will entitle the holder thereof to purchase one common share at a price of $0.60 per share for a period of 18 months from the closing of the Offering.\nThe Units will be made available by way of private placement exemptions in Canada under National Instrument 45-106 - Prospectus and Registration Exemptions and the Units may be offered in other jurisdictions where they can be issued on a private placement basis, exempt from any prospectus, registration or other similar requirements.\nClosing of the Offering is subject to a number of conditions, including receipt of all necessary corporate and regulatory approvals, including the TSX Venture Exchange. All securities issued in connection with the Offering will be subject to a statutory hold period of four months plus a day from the date of issuance in accordance with applicable securities legislation. The Company may pay a finder's fee on the Offering, in cash, Common Shares, Warrants or a combination thereof.\nThe proceeds from the Offering will be used for the rollout of the California sales program and the continuation of sales in the Canadian market.\n\nAbout Legend Power Systems Inc.\n\nLegend 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 green house gas emissions. View "Legend Power Corporate Video" on YouTube at http://www.youtube.com/watch?v=EcBIFsXZTIA\n\nNeither T...