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Legend Power Systems Inc. Completes $10 Million Bought Deal Equity Financing
Legend Power Systems Inc. Completes $10 Million Bought Deal Equity Financing Canad...
About this update from Legend Power Systems Inc.
[{"type":"text","content":"\n\n\n\nLegend Power Systems Inc. Completes $10 Million Bought Deal Equity Financing\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prntal{\nTEXT-ALIGN: LEFT\n}\n.prntac{\nTEXT-ALIGN: CENTER\n}\n\n\n\n\n\n\n\nCanada NewsWire\nVANCOUVER, April 6, 2018\n\n\n\n/THIS NEWS RELEASE IS INTENDED FOR DISTRIBUTION IN CANADA ONLY AND IS NOT INTENDED FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED STATES./\n\n\n\nVANCOUVER, April 6, 2018 /CNW/ - Legend Power Systems Inc. (TSXV:LPS) (\"Legend Power\" or the \"Company\"), a global leader in voltage reduction and management technology, is pleased to announce that it has closed its previously announced bought deal offering of common shares (the \"Offering\").  The Company issued 12.5 million common shares (the \"Shares\") at a price of $0.80 per Share (the \"Offering Price\") for gross proceeds of $10 million.  The Offering was completed pursuant to an underwriting agreement dated March 23, 2018 among the Company and syndicate of underwriters led by GMP Securities L.P. and including Canaccord Genuity Corp. and Haywood Securities Inc. (collectively, the \"Underwriters\").  The Company paid a cash commission to the Underwriters equal to 6% of the gross proceeds of the Offering, subject to a reduced rate of 3% for subscribers on the Company's president's list and issued 664,050 warrants to the Underwriters (the \"Broker Warrants\").  Each Broker Warrant entitles the holder to purchase one common share of Legend at the Offering Price for a period expiring April 6, 2020.\n\n\n \n \n\n \nThe net proceeds of the Offering will be used to fuel growth initiatives including, but not limited to, the following:\n\n\nExpansion to additional US sales regions;\nJoint venture and marketing initiatives;\nThe creation of an internally financed shared-energy savings program with potential for recurring revenue streams;\nWorking capital for increased sales and inventory levels; and\nProduct enhancement and line extensions.\n\n\"Closing this financing provides the fuel to enable strong growth anticipated with the ...