Legend Power Systems Inc. (TSX-V:LPS) a global leader in voltage reduction and management technology, is pleased to announce that it has closed its previously announced bought deal offering of common shares.  The Company issued 12.5 million common shares at a price of $0.80 per Share for gross proceeds of $10 million.  The Offering was completed pursuant to an underwriting agreement dated March 23, 2018 among the Company and syndicate of underwriters led by GMP Securities L.P. and including Canaccord Genuity Corp. and Haywood Securities Inc.  The Company paid a cash commission to the Underwriters equal to 6% of the gross proceeds of the Offering, subject to a reduced rate of 3% for subscribers on the Company’s president’s list and issued 664,050 warrants to the Underwriters.  Each Broker Warrant entitles the holder to purchase one common share of Legend at the Offering Price for a period expiring April 6, 2020.

The net proceeds of the Offering will be used to fuel growth initiatives including, but not limited to, the following:

• Expansion to additional US sales regions;
• Joint venture and marketing initiatives;
• The creation of an internally financed shared-energy savings program with potential for recurring revenue streams;
• Working capital for increased sales and inventory levels; and
• Product enhancement and line extensions.

“Closing this financing provides the fuel to enable strong growth anticipated with the execution of our aggressive business plan,” commented Randy Buchamer, CEO & Director of Legend Power.  “We are delighted with the endorsement provided by GMP Securities and the balance of the syndicate with whom we look forward to building a solid relationship.  On closing Legend will have in excess of $14 million in working capital, to implement our North American expansion plan”.

The Company also granted the Underwriters an over-allotment option to purchase up to an additional 1,250,000 Shares at the Offering Price, exercisable in whole or in part, for a period of up to 30 days after the closing of the Offering, to cover over-allotments, if any, and for market stabilization purposes.  If this option is exercised in full, an additional $1.0 million will be raised pursuant to the Offering.

The Offering was completed by way of a short form prospectus filed in all of the provinces and territories of Canada.  Certain of the Shares were also sold to U.S. buyers on a private placement basis pursuant to the exemptions from the registration requirements in Rule 144A or Rule 506(b) of Regulation D of the United States Securities Act of 1933 and as amended and in certain other jurisdictions.  The securities sold have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States or to, or for the account or benefit of, U.S. persons absent registration or an applicable exemption from the registration requirements.  This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any State in which such offer, solicitation or sale would be unlawful.

About Legend Power Systems Inc.

Legend Power Systems Inc. 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.