Legend Power Systems Inc. announced a non-brokered private placement of a minimum of 11,111,111 units and up to a maximum of 16,666,667 units of the company at a price of CAD 0.18 per unit for aggregate gross proceeds of a minimum of CAD 1,999,999.98 and up to a maximum of CAD 3,000,000.06 on July 18, 2023. Each unit will consist of one common share and one common share purchase warrant. Each warrant will entitle the holder thereof to acquire one additional share at an exercise price of CAD 0.25 per share for a period of 24 months from the date of issuance.

The Units issued in the Offering will not be subject to a hold period, subject to limitations prescribed by the LIFE exemption, and securities issued to insiders will be subject to a hold period expiring 4 months and 1 day after issuance, in accordance with the rules and policies of the Exchange and applicable Canadian securities laws. It is anticipated that insiders of the Company may participate in the Offering for up to CAD 325,000. The Offering may close in tranches and is subject to certain conditions including, but not limited to, receipt of all necessary approvals including the approval of the Exchange.