Agent Ionic Securities to exercise C$150,000 greenshoe option in part
By Devika Patel
Knoxville, Tenn., March 14 - Legend Power Systems Inc. said agent Ionic Securities Ltd. has elected to partially exercise the greenshoe in a private placement of units and will settle the deal for over C$1 million. The best-efforts deal priced for between C$800,000 and C$1 million with a C$150,000 greenshoe on Jan. 19.
The company will sell at least 12.5 million units of one common share and one warrant at C$0.08 per unit.
Each warrant is exercisable at C$0.15 for 18 months. The strike price reflects a 57.9% premium to the Jan. 18 closing share price of C$0.095.
Settlement is expected March 30.
Proceeds will be used for sales operations in Ontario and British Columbia and for working capital.
The electrical energy conservation company is based in Burnaby, B.C.
| Issuer: | Legend Power Systems Inc.
|
| Issue: | Units of one common share and one warrant
|
| Amount: | C$1 million (minimum)
|
| Greenshoe: | C$150,000
|
| Units: | 12.5 million (minimum)
|
| Price: | C$0.08
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | 18 months
|
| Warrant strike price: | C$0.15
|
| Agent: | Ionic Securities Ltd.
|
| Pricing date: | Jan. 19
|
| Settlement date: | March 30
|
| Stock symbol: | TSX Venture: LPS
|
| Stock price: | C$0.09 at close Jan. 19
|
| Market capitalization: | C$4.24 million
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
