By Devika Patel
Knoxville, Tenn., July 13 - Legend Power Systems Inc. said it has arranged a C$1.5 million non-brokered private placement of units.
The company will sell 3.75 million units at C$0.40 apiece. Each unit consists 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 for the rollout of the California sales program and the continuation of sales in the Canadian market.
The electrical energy conservation company is based in Burnaby, B.C.
| Issuer: | Legend Power Systems Inc.
|
| Issue: | Units of one common share and one half-share warrant
|
| Amount: | C$1.5 million
|
| Units: | 3.75 million
|
| Price: | C$0.40
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | 18 months
|
| Warrant strike price: | C$0.60
|
| Agent: | Non-brokered
|
| Pricing date: | July 13
|
| Stock symbol: | TSX Venture: LPS
|
| Stock price: | C$0.44 at close July 12
|
| Market capitalization: | C$12.98 million
|
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