TORONTO, Jan. 4, 2016 /CNW/ - Legend Power Systems
Inc. (TSX-V: LPS) (the "Company") is pleased to announce it has
completed its private placement financing announced on December 17, 2015 and has raised $1,660,000 by the issuance of 8,300,000 units at
$0.20 each. Each unit consisted of
one common share and one non-transferable warrant, each whole
warrant entitling the purchase of a common share for two years at
$0.40. The Company issued 498,750
units in satisfaction of 7% finder's fees as follows: Primary
Capital Inc. of Toronto (426,125
units), Haywood Securities Inc. of Vancouver (50,750 units) and Canaccord Genuity
Corp. of Vancouver (21,875 units).
The shares issued, and the shares issuable on exercise of the
warrants, are subject to a four month transfer restriction expiring
on May 1, 2016.
The Company's CEO and President, Randy
Buchamer, said: "Legend Power is pleased that despite the
state of the equity markets its financing was oversubscribed. I
feel that this is a strong endorsement of our company's product and
execution of its business plan. Legend Power will use these
additional funds to support its strong sales growth and accelerate
its entrance into the United
States market for its Voltage Harmonizer product."
About Legend Power Systems Inc.
Legend Power Systems Inc. (www.legendpower.com) is a leading
electrical energy conservation company that manufactures and
markets a patented device to help commercial and industrial
customers achieve significant energy savings through voltage
optimization. Legend Power's Electrical savings solution helps
companies reduce their electricity bills, maintenance costs, and
increases the life of electrical equipment, while contributing to a
reduction in greenhouse gas emissions.
Neither the TSX Venture Exchange nor the Investment Industry
Regulatory Organization of Canada accepts responsibility for the
adequacy or accuracy of this release.
SOURCE Legend Power Systems Inc.
