Business
LEGEND POWER ANNOUNCES BROKERED PRIVATE PLACEMENT
LEGEND POWER ANNOUNCES BROKERED PRIVATE PLACEMENT
About this update from Legend Power Systems Inc.
[{"type":"text","content":"\n\n\n\n Sep. 20, 2010 (Canada NewsWire Group) -- \n\n#ReleaseContent TABLE\n{\n BORDER-COLLAPSE: collapse\n}\nTR.cnwUnderlinedCell TD\n{\n BORDER-BOTTOM: #000000 1px solid\n}\nTR.cnwDoubleUnderlinedCell TD\n{\n BORDER-BOTTOM: #000000 3px double\n}\nTR.cnwBoldUnderlinedCell TD\n{\n BORDER-BOTTOM: #000000 3px solid\n}\nTD.cnwUnderlinedCell\n{\n BORDER-BOTTOM: #000000 1px solid\n}\nTD.cnwDoubleUnderlinedCell\n{\n BORDER-BOTTOM: #000000 3px double\n}\nTD.cnwBoldUnderlinedCell\n{\n BORDER-BOTTOM: #000000 3px solid\n}\n#ReleaseContent TABLE.cnwBorderedTable TD\n{\n BORDER-RIGHT: black 1px solid;\n PADDING-RIGHT: 2px;\n BORDER-TOP: black 1px solid;\n PADDING-LEFT: 2px;\n PADDING-BOTTOM: 2px;\n BORDER-LEFT: black 1px solid;\n PADDING-TOP: 2px;\n BORDER-BOTTOM: black 1px solid;\n BORDER-COLLAPSE: collapse\n}\n#ReleaseContent TABLE TD\n{\n PADDING-RIGHT: 2px;\n PADDING-LEFT: 2px;\n PADDING-BOTTOM: 2px;\n PADDING-TOP: 2px\n}\n\n/NOT FOR DISTRIBUTION TO US NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/\n\n\nBURNABY, BC, Sept. 20 /CNW/ - Legend Power Systems Inc. (TSX.V: LPS) (FSE: XLE) ("Legend Power") is pleased to announce that it has entered into an engagement letter (the "Engagement Letter") with Ionic Securities Ltd. (the "Agent") for a brokered private placement (the "Offering") of between approximately 16,666,666 and 20,000,000 units of Legend Power ("Units") at a price of $0.15 per Unit for gross proceeds of between approximately $2.5 million and $3 million. Each Unit will consist of one common share of Legend Power (a "Share") and one common share purchase warrant (a "Warrant"). Each whole Warrant will entitle the holder thereof to purchase one Share at a price of $0.25 per Share for a period of 24 months following the closing of the Offering. Legend Power will be entitled to accelerate the expiry date of the Warrants to the date that is 30 days following the date Legend Power gives written notice to the holders of the Warrants that the trading price of the Shares on the TSX Venture Exchange (the "Exchange") has been greater than $0.45 for any 20 consecutive trading days.\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 Unit...