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Legend Power Systems Announces Closing of Final Tranche of Non-Brokered Private Placement Pursuant to the Listed Issuer Exemption
Vancouver, British Columbia--(Newsfile Corp. - August 22, 2023) - Legend Power Systems Inc. (TSXV...
About this update from Legend Power Systems Inc.
[{"type":"text","content":"Legend Power Systems Announces Closing of Final Tranche of Non-Brokered Private Placement Pursuant to the Listed Issuer ExemptionVancouver, British Columbia--(Newsfile Corp. - August 22, 2023) - Legend Power Systems Inc. (TSXV: LPS) (OTCQB: LPSIF) (\"Legend Power\" or the \"Company\"), a global leader in commercial electrical system solutions, announces it has closed a second and final tranche of a non-brokered private placement (see press release dated August 8, 2023), pursuant to the listed issuer financing exemption under Part 5A of National Instrument 45-106 - Prospectus Exemptions (the \"LIFE Exemption\"), by issuing 1,432,000 units (each, a \"Unit\") at a price of $0.18 per Unit for gross proceeds of $257,760. Under both tranches, the Company issued a total of 14,117,113 Units for aggregate gross proceeds of $2,541,080 (the \"Offering\") (see first tranche closing press release dated August 1, 2023). The Company filed a Form 45-106F19 offering document (the \"Offering Document\") on July 18, 2023 related to the Offering, which may be accessed under Legend Power's profile at www.sedarplus.ca and on the Company's website at https://legendpower.com/investors/. Pursuant to the Offering, each Unit consisted of one common share in the capital of the Company (each, a \"Common Share\") and one Common Share purchase warrant (each, a \"Warrant\"). Each Warrant entitles the holder to acquire one additional Common Share at $0.25 for a period of two years from the date of issuance, subject to an accelerated expiry provision, whereby in the event the daily volume weighted average trading price of the Company's Common Shares on the TSX Venture Exchange, or such other stock exchange where the majority of the trading volume occurs (the \"Exchange\"), exceeds $0.40 for a period of 10 consecutive trading days, at the Company's election, the period within which the Warrants are exercisable, will be reduced and the holders of the Warrants will be entitled to exercise their Warrants for a period of 30 days commencing on the day the Company provides notice, any outstanding Warrants not exercised during the 30 day period will expire.The Company intends to use the net proceeds from the Offering for general working capital purposes, fixed operating expenses, purchase order deposits, development expense and other related expenses, as more specifical...