Vancouver, British Columbia - August 22, 2023 - Legend Power Systems Inc. (TSXV: LPS) (OTCQB: LPSIF), a global leader in commercial electrical system solutions, proudly announces the successful closing of the second and final tranche of a non-brokered private placement. This achievement, executed in accordance with the Listed Issuer Financing Exemption (LIFE Exemption) under Part 5A of National Instrument 45-106 - Prospectus Exemptions, marks a significant milestone for Legend Power.
Further Expansion with Strategic Financing
Building upon the momentum initiated by the first tranche closing (as detailed in the press release dated August 1, 2023), Legend Power has successfully issued 1,432,000 units (each a "Unit") at a unit price of $0.18. This strategic move has generated gross proceeds amounting to an impressive $257,760, propelling the Company forward in its mission to revolutionize the commercial electrical systems landscape.
A Comprehensive Offering
Cumulatively, the Company has now issued a total of 14,117,113 Units, raising aggregate gross proceeds of $2,541,080 through the Offering. Each Unit comprises a common share in the Company's capital ("Common Share") and a Common Share purchase warrant ("Warrant"). The Warrants hold the exciting potential for holders to acquire additional Common Shares at an attractive rate of $0.25 per share within a two-year period following issuance. This period may be expedited under certain conditions, including a sustained increase in the Company's Common Share trading price, adding an element of versatility to this investment opportunity.
Future-Focused Utilization of Proceeds
The Company has outlined a comprehensive plan for utilizing the net proceeds from this Offering. The capital injection is poised to fortify Legend Power's strategic vision and support various facets of its operations. These encompass general working capital requirements, fixed operating expenses, purchase order deposits, development expenses, and other pertinent expenditures. The Offering Document, a comprehensive resource accessible on the Company's website and under Legend Power's profile at www.sedarplus.ca, provides an intricate breakdown of the allocation strategy.
Earning Investor Trust
Legend Power's unwavering commitment to transparency and regulatory compliance is evident through its diligent adherence to the LIFE Exemption guidelines. Notably, the Units issued during the Offering are not subjected to a hold period, reflecting the Company's dedication to providing flexible investment opportunities to its valued stakeholders. In line with this, securities allocated to insiders and consultants are subject to a hold period expiring on December 1, 2023, as governed by the Exchange's rules and applicable Canadian securities laws.
A Transformative Step Forward
The closing of the non-brokered private placement's final tranche underscores Legend Power's resolute mission to advance the commercial electrical system solutions landscape. As the Company propels itself toward its vision, this strategic financing initiative augments its financial resilience and accelerates the realization of its goals. With its commitment to transparency, regulatory adherence, and innovation, Legend Power is poised to redefine the commercial electrical systems sector.
For more information about Legend Power Systems and its transformative solutions, please visit the official website at https://legendpower.com/investors/.
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