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Legend Power completes 3:1 share consolidation, increases private placement to $727,000 & extends $500,000 loan
VANCOUVER , Oct. 16, 2013 /CNW/ - Legend Power Systems Inc. (TSX-V: LPS) completed its t...
About this update from Legend Power Systems Inc.
[{"type":"text","content":"\n\n\nVANCOUVER, Oct. 16, 2013 /CNW/ - Legend Power Systems Inc. (TSX-V: LPS)\n completed its three into one common share consolidation effective\n Tuesday, October 15, 2013. Shareholders will not be sent Transmittal\n Letters, instead existing share certificates will continue to be\n accepted on a pro-rated basis.\n\n\nLegend has also increased its private placement announced September 30,\n 2013 from $504,000 to $727,000 and now intends to issue up to 8,077,778\n units at $0.09 each for proceeds of up to $727,000. Each unit will\n consist of one (post-consolidated) common share and one\n non-transferable warrant to purchase a further share for three years at\n $0.15. The Company may pay finder's fees equal to 10% of the funds\n raised, which fees will be satisfied by the issuance of units at a\n price of $0.09 each. The private placement remains subject to receipt\n of TSX Venture Exchange approval.\n\n\nFinally, Legend has negotiated the extension of the $500,000 loan\n obtained on October 31, 2012 to October 31, 2014. Subject to TSX\n Venture Exchange approval, Legend will issue 670,000\n (post-consolidated) shares to the lender consortium (which is led by\n Quest Capital Management Corp. on behalf of a syndicate of lenders and\n includes Company insiders for a total of $125,000) as consideration for\n the extension. The loan carries interest at a rate equal to 8% per\n annum, and is secured by a general security agreement.\n\n\nAbout Legend Power Systems Inc. \n\n\nLegend Power Systems Inc. (www.legendpower.com) is a leading electrical energy conservation company that manufactures\n and markets a patented device to help commercial and industrial\n customers achieve significant energy savings through voltage\n optimization. Legend Power's electrical savings solution helps\n companies reduce their electricity bills, maintenance costs, and\n increases the life of electrical equipment, while contributing to a\n reduction in greenhouse gas emissions.\n\n\nNeither the TSX Venture Exchange nor the Investment Industry Regulatory\n Organization of Canada accepts responsibility for the adequacy or accuracy of this release.\n\n\n \n\n\nSOURCE Legend Power Systems Inc.\n\n Randy Buchamer C.E.O. and President Legend Power Systems Inc. + 1 778 945 [email protected] Copyright CNW Group 2013","length":3349,"tagName":"div"}]