By Devika Patel
Knoxville, Tenn., Sept. 14 - Legend Power Systems Inc. said it completed the first tranche of a C$7.5 million private placement of units, raising C$4.39 million. D&D Securities Co. is the agent for the deal, which priced July 30.
The company is selling 15 million units at C$0.50 apiece. It sold 8,778,000 units in this tranche. The units consist of one common share and one half-share warrant. Each whole warrant will be exercisable at C$0.60 for 18 months.
Proceeds will be used to execute the company's sales and marketing plan, to repay certain notes and for general corporate purposes.
The electrical energy conservation company is based in Burnaby, B.C.
Issuer: | Legend Power Systems Inc.
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Issue: | Units of one common share and half-share warrant
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Amount: | C$7.5 million
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Units: | 15 million
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Price: | C$0.50
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Warrants: | One half-share warrant per unit
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Warrant expiration: | 18 months
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Warrant strike price: | C$0.60
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Agent: | D&D Securities Co.
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Pricing date: | July 30
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Settlement date: | Sept. 14 (for C$4,389,000)
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Stock symbol: | TSX Venture: LPS
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Stock price: | C$0.50 at close July 29
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Market capitalization: | C$13.5 million
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