Business
Legend Power to Consolidate Shares & Carry Out $504,000 Private Placement
VANCOUVER , Oct. 1, 2013 /CNW/ - Legend Power Systems Inc. (TSX-V: LPS) intends to conso...
About this update from Legend Power Systems Inc.
[{"type":"text","content":"\n\n\nVANCOUVER, Oct. 1, 2013 /CNW/ - Legend Power Systems Inc. (TSX-V: LPS)\n intends to consolidate its outstanding common shares on a 3:1 basis.\n There are currently 95,191,523 shares outstanding and, following the\n consolidation there will be 31,730,508 shares outstanding.\n\n\nFollowing the consolidation, the Company intends to carry out a private\n placement financing of up to 5,600,000 units at $0.09 each for proceeds\n of up to $504,000. Each unit will consist of one (post-consolidated)\n common share and one non-transferable warrant to purchase a further\n share for three years at $0.15. The Company will pay finder's fees\n equal to 10% of the funds raised, which fees will be satisfied by the\n issuance of units at a price of $0.09 each.\n\n\nShareholder approval for the consolidation was obtained at the annual\n general meeting held on April 11, 2013. The consolidation and private\n placement are subject to receipt of TSX Venture Exchange approval.\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\nNeither the TSX Venture Exchange nor the Investment Industry Regulatory\n Organization of Canada accepts responsibility for the adequacy or\n accuracy of this release. \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":2653,"tagName":"div"}]