THIS NEWS RELEASE IS INTENDED FOR DISTRIBUTION IN CANADA ONLY AND IS NOT INTENDED FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED STATES.
VANCOUVER, CANADA, April 30, 2018 – Legend Power Systems Inc. (TSXV:LPS) (“Legend Power” or the “Company”), a global leader in voltage reduction and management technology, is pleased to announce that the syndicate of underwriters led by GMP Securities L.P. and including Canaccord Genuity Corp. and Haywood Securities Inc. (collectively, the “Underwriters”) has exercised the over-allotment option granted to the Underwriters in connection with the Company’s previously announced public offering of common shares (the “Offering”) which closed on April 6, 2018. As a result, the Company has issued an additional 656,000 common shares of the Company (“Shares”) at a price of $0.80 per Share (the “Offering Price”), for additional gross proceeds of $524,800 upon closing of the exercise of the over-allotment option. The Company paid a cash commission to the Underwriters equal to 6% of the gross proceeds of the over-allotment portion of the Offering and issued 39,360 warrants to the Underwriters (the “Broker Warrants”) in connection therewith. Each Broker Warrant entitles the holder to purchase one Share at the Offering Price for a period expiring April 30, 2020.
The net proceeds of the Offering will be used to fuel growth initiatives including, but not limited to, the following:
About Legend Power Systems Inc.
Legend Power Systems Inc. (www.legendpower.com) is changing the way buildings around the world use power. The Company’s patented and proprietary technology reduces overvoltage, a natural condition present in power grids around the world. Overvoltage inflates energy costs, damages electrical equipment, and increases the negative impact a building has on the environment. Legend’s utility-proven Harmonizer improves the power efficiency of an entire building to reduce total energy consumption and power costs, while maximizing equipment life. The solution provides customers risk free energy savings, improves the value of their physical assets, and enhances their sustainability efforts. As an application with demand side benefits, Legend is also a key contributor toward utility conservation goals. In 2015 Legend was recognized as the top performing cleantech company on the TSX Venture Exchange.
For further information, please contact:
Randy Buchamer, CEO and President
+ 1 778 945 1501
Sean Peasgood, Investor Relations
+ 1 416 565 2805
Neither the TSX Venture Exchange nor the Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy or accuracy of this release.
This Press Release may contain statements which constitute “forward-looking information” within the meaning of applicable securities laws, including, without limitation, statements regarding the plans, intentions, beliefs and current expectations of the Company, its directors, or its officers with respect to the future business activities and operating performance of the Company or the planned use of proceeds from the Offering. The words “may”, “would”, “could”, “will”, “intend”, “plan”, “anticipate”, “believe”, “estimate”, “expect” and similar expressions, as they relate to the Company, or its management, are intended to identify such forward-looking statements. Investors are cautioned that any such forward-looking statements are not guarantees of future business activities or performance and involve risks and uncertainties, and that the Company’s future business activities may differ materially from those in the forward-looking statements as a result of various factors. Such risks, uncertainties and factors are described in the periodic filings with the Canadian securities regulatory authorities, including the Company’s quarterly and annual Management’s Discussion & Analysis, which may be viewed on SEDAR at www.sedar.com. Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated or expected. Although the Company has attempted to identify important risks, uncertainties and factors which could cause actual results to differ materially, there may be others that cause results not be as anticipated, estimated or intended. The Company does not intend, and does not assume any obligation, to update these forward-looking statements other than as may be required by applicable law.
via Legend Power Systems Inc. https://ift.tt/2I5xtqM