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Legend Power Systems Announces Non-Brokered Private Placement Pursuant to the Listed Issuer Exemption
Vancouver, British Columbia--(Newsfile Corp. - July 18, 2023) - Legend Power® Systems Inc. (...
About this update from Legend Power Systems Inc.
[{"type":"text","content":"Legend Power Systems Announces Non-Brokered Private Placement Pursuant to the Listed Issuer ExemptionVancouver, British Columbia--(Newsfile Corp. - July 18, 2023) - Legend Power® Systems Inc. (TSXV: LPS) (OTCQB: LPSIF) (\"Legend Power\" or the \"Company\"), a global leader in commercial electrical system solutions, is pleased to announce a non-brokered private placement of a minimum of 11,111,111 units and up to a maximum of 16,666,667 units of the Company (each, a \"Unit\") at a price of $0.18 per Unit for aggregate gross proceeds of a minimum of $2,000,000 and up to a maximum of $3,000,000 (the \"Offering\"). The Offering is being completed pursuant to the listed issuer financing exemption under Part 5A of National Instrument 45-106 – Prospectus Exemptions (the \"LIFE Exemption\"). The Company has filed a Form 45-106F19 offering document (the \"Offering Document\") related to the Offering that can be accessed under Legend Power's profile at www.sedar.com and on the Company's website https://legendpower.com/investors/. Prospective investors should read the Offering Document before making an investment decision.Each Unit will consist of one common share in the capital of the Company (each, a \"Share\") and one common share purchase warrant (each, a \"Warrant\"). Each Warrant will entitle the holder thereof to acquire one additional Share at an exercise price of $0.25 per Share for a period of 24 months 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 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 specifically detailed in the Offering Document...