Legend Power completes $198,000 private placement and agrees to settle $81,733 of indebtedness

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[{"type":"text","content":"\n\n\nVANCOUVER, Aug. 1, 2013 /CNW/ - Legend Power Systems Inc. (TSXV: LPS)\n has completed a private placement of 6,603,000 units at $0.03 each for\n proceeds of $198,030. Each unit consisted of one common share and one\n non-transferable warrant to purchase a further share for three years at\n $0.05 in the first year and $0.10 in the last two years. The shares and\n any shares issued on the exercise of the warrants are subject to\n restrictions on transfer until December 1, 2013.\n\n\nThe proceeds of the private placement will be used to pay salaries and\n payroll deductions of approximately $101,000, to pay occupancy costs\n and accounts payable of approximately $45,000 and for ongoing working\n capital of approximately $52,000. There will be no payments to related\n parties (directors and officers) from these proceeds.\n\n\nThe private placement was approved by Legend Power's board of directors\n other than those that participated in the placement who are, in\n accordance with applicable corporate law, required to abstain from\n voting.\n\n\nLegend Power also announces that it intends, subject  to TSX Venture\n Exchange approval, to settle outstanding indebtedness to employees,\n officers and consultants totalling $81,733 by the issuance of 1,634,660\n shares at a deemed price of $0.05 per share.\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 Harmonizer-AVR helps companies\n reduce their electricity bills, maintenance costs, and increases the\n life of electrical equipment, while contributing to a reduction in\n greenhouse gas emissions.\n\n\n\n\n \n\n\nNeither the TSX Venture Exchange nor the Investment Industry Regulatory\n Organization of Canadaaccepts responsibility for the adequacy or accuracy of this release.\n\n\n \n\n\n \n\nSOURCE: Legend Power Systems Inc.\n\n\n Randy Buchamer  C.E.O. and President Legend Power Systems Inc. + 1 778 945 [email protected] Copyright CNW Group 2013","length":3288,"tagName":"div"}]

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