VANCOUVER, BC, May 25, 2021 /CNW/ - Legend Power Systems
Inc. ("Legend Power" or the "Company") (TSXV: LPS)
(OTCQB: LPSIF) is pleased to announce that it has entered into
an agreement with Stifel GMP, as sole bookrunner and lead
underwriter on behalf of a syndicate of underwriters (the
"Underwriters"), who have agreed to purchase, on a "bought
deal" basis 10,000,000 units (the "Units") of the Company at
a price of $0.75 per Unit, for
aggregate gross proceeds of $7,500,000 (the "Offering").
Each Unit will consist of one common share of the Company (a
"Common Share") and one-half of one Common Share purchase
warrant (each, whole warrant, a "Warrant"). Each Warrant
will entitle the holder thereof to purchase once Common Share at an
exercise price of $0.95 at any
time up to 24 months following the Closing Date (as defined
below).
The Underwriters will also have the option, exercisable in whole
or in part at any time on or up to 30 days after the Closing Date,
to purchase up to an additional 1,500,000 Units (and/or the
components thereof) to cover over-allotments, if any, and for
market stabilization purposes. In the event that the option is
exercised in its entirety, the aggregate gross proceeds of the
Offering will be $8,625,000.
The net proceeds of the Offering will be used for future growth
initiatives, working capital and general corporate purposes.
The Offering is scheduled to close on or about June 11, 2021 (the "Closing Date") and is
subject to certain conditions including, but not limited to, the
receipt of all necessary approvals including the approval of the
TSX Venture Exchange and the securities regulatory authorities.
The Units will be offered by way of a short form prospectus to
be filed in all of the provinces of Canada pursuant to National Instrument 44-101
Short Form Prospectus Distributions and in the United States on a private placement basis
pursuant to an exemption from the registration requirements of
the United States Securities
Act of 1933, as amended.
This press release is not an offer or a solicitation of an
offer of securities for sale in the
United States. The Common Shares have not been and will not
be registered under the U.S. Securities Act of 1933, as amended,
and may not be offered or sold in the
United States absent registration or an applicable exemption
from registration.
About Legend Power Systems Inc.
Legend Power Systems Inc. (www.legendpower.com) provides an
intelligent energy management platform that analyzes and improves
building energy challenges, significantly impacting asset
management and corporate performance. Legend's proven
solutions support proactive executive decision-making in a complex
and volatile business and energy environment.
Forward-Looking Statements
This Press Release may contain statements which constitute
"forward-looking information", including 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. 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 to 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.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of
this release.
SOURCE Legend Power Systems Inc.
