/NOT FOR DISTRIBUTION TO US NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE
UNITED STATES/
BURNABY, BC, June 11 /CNW/ - Legend Power Systems Inc. (TSX.V: LPS)
("Legend Power") announces that as of June 10, 2009, it has completed the
third tranche of the offering by way of TSX Venture Exchange Short Form
Offering Document (the "SFOD") dated April 27, 2009 (the "Offering"). The
Offering was approved by the TSX Venture Exchange (the "TSX-V") on April 27,
2009. The Offering is for up to 3,636,364 common shares in the capital of
Legend Power (the "Shares") at a price of $0.55 per Share, for maximum gross
proceeds of up to $2,000,000. The Offering is not subject to a minimum amount
of aggregate gross proceeds, but is subject to a minimum subscription level
per purchaser of $2,000. The third tranche of the Offering resulted in the
sale of 341,110 Shares for gross proceeds of $187,610.50.
The Offering is being made on a non-brokered basis, however a finder's
fee ("Finder's Fee") may be paid as outlined below. Legend Power will pay a
Finder's Fee to persons who are properly qualified to market and sell Shares
under applicable securities laws and who assist Legend Power in finding
purchasers of Shares. The amount of the Finder's Fee is calculated as a
percentage of the actual dollar value of the Shares purchased. The percentage
increases in approximately $50,000 increments as follows:
Value of Shares Purchased ($) Finder's Fee (per cent)
$2,000 to $50,000 5 per cent
$50,001 to $100,000 6 per cent
$100,001 to $150,000 7 per cent
$150,001 or more 8 per cent
Legend Power did not pay any Finder's Fee with respect to the third
tranche of the Offering.
Versant Partners Inc. ("Versant") was engaged by Legend Power to execute
the Agent's Certificate in the SFOD pursuant to the requirements of TSX-V
Policy 4.6. Versant received a fee (the "Initial Fee") equal to $5,000, plus
GST, and will receive a fee (the "Closing Fee"), such fee not to exceed
$50,000, equal to the greater of $20,000 or 2 per cent of the gross proceeds
of the Offering and any other equity or equity- linked financings completed by
Legend Power on or before April 14, 2010, plus GST. The Initial Fee was
payable upon execution of the Certificate of the Agent. $20,000 of the Closing
Fee was payable upon the closing of the first tranche. $1,009.99 of the
Closing Fee was payable upon the closing of the second tranche. $3,752.21 of
the Closing Fee was payable upon the closing of the third tranche.