(TheNewswire)
April 5, 2024 – TheNewswire - Vancouver, British Columbia - LegibleInc. (CSE:READ) (OTC:LEBGF) (FSE:D0T) ("Legible” /“Company”), announces an offering of Convertible Debenture Unitsat $0.09 per Unit for gross proceeds of up to $1,170,000, by way of anon-brokered private placement (“Offering”) pursuant to exemptionsfrom applicable Canadian securities laws. The Company intends to usethe proceeds from the Offering for further investment in thedevelopment of its products, services, and marketing, that will leadto anticipated noteworthy revenues and for general working capitalpurposes.?
Each Debenture Unit consists of: (i) a 14% unsecured convertibledebenture of the Company (“Debenture(s)”) in the principal amountof $9,000; and (ii) 100,000 common share purchase warrants(“Warrant(s)”). The Debentures mature on the date that is two (2)years following the closing and are convertible at the holder’soption into common shares of the Company (“Common Shares”) at aconversion price of $0.09 per Common Share.
The Debentures bear simple interest at a rate of fourteen percent(14%) per annum (“Interest”), payable quarterly in arrears.Interest is payable in cash and or Common Shares by way of theissuance of Common Shares of the Corporation at the maximum allowablediscount as prescribed by the applicable regulatory authority, basedon the closing price of the Corporation’s Common Shares, on the datethe election is made to take payment of the Interest in Common Shares.
The holders of Debentures shall be entitled to convert the PrincipalAmount (excluding accrued but unpaid Interest), in whole or in part,at any time after the date that is four months and one day followingthe closing date, into Common Shares at a conversion price of $0.09per Common Share.
Each Warrant entitles the holder to purchase one Common Share at aprice of $0.10 for a period of two (2) years from closing; providedthat if, at any time, after the date that is four months and one dayfollowing the closing, the volume weighted average trading price ofthe common shares on the Canadian Securities Exchange (the “CSE”)is at least $0.40 per share for a period of 10 consecutive tradingdays, the expiry date of the Warrants may be accelerated by theCompany to a date that is not less than 21 days after the date thatnotice of such acceleration is provided to the Warrant holders, whichnotice may be by way of general press release.
The Company reserves the right to increase the maximum aggregate grossproceeds under the Offering to an amount greater than $1,170,000. Afinder’s fee of up to 8% of the gross proceeds of the PrivatePlacement may be paid in cash on all or any portion of the PrivatePlacement. Additionally, finder’s warrants may be issued in anamount up to 8% of the number of Debenture Units sold under thePrivate Placement. Each finder’s warrant may be exercised to acquireone Common Share at a price of $0.10 per share for a period of two (2)years from the closing; provided that if, at any time, after the datethat is four months and one day following the closing, the volumeweighted average trading price of the Common Shares on the CSE is atleast $0.40 per share for a period of 10 consecutive trading days, theexpiry date of the finder’s warrants may be accelerated by theCompany to a date that is not less than 21 days after the date thatnotice of such acceleration is provided to the finder’s warrantholders, which notice may be by way of general press release.
Kaleeg Hainsworth, Legible’s CEO said, "This ConvertibleDebenture Offering is a strategic move designed to fuel Legible’sgrowth and strengthen our financial position. The funds from thisOffering will enable us to accelerate our current initiatives andadvance our long-term strategic objectives."
Legible further announces that the equity private placement offeringannounced by way of a Press Release dated January 24, 2024, has beencancelled.
About Legible:
Legible is a groundbreaking, mobile-centric globalcompany specializing in eBooks and audiobook entertainment, boasting amarket opportunity exceeding billions of dollars. Legible’sextensive partnerships encompass four of the Big 5 Publishers, theworld's largest eBook distributor, and a wide range of outstanding andinnovative publishers of all sizes, enabling it to seamlessly delivermillions of multilingual eBooks and audiobooks, effectivelytransforming any smart device into a dynamic library and eBookstore.Legible’s publishing division is revolutionizing the industry bycrafting proprietary AI- and multimedia-enriched books, setting newstandards in literary engagement, and has created the world’s firstLibrarianAI to offer personalized book recommendations.
Legible is at the forefront of reshaping the digitalpublishing landscape, committed to gaining a significant market shareby providing innovative 21st-century publishing solutions andenriching global reading experiences.
Please visit Legible.com and discover the placewhere eBooks come to life.
Legible Contact
Ms. Deborah Harford
EVP, Global Strategic Partnerships
Legible Inc. (CSE: READ) (OTCQB: LEBGF) (FSE: D0T)
E-mail: invest@legible.com
Website: https://invest.legible.com
Legible Investor Relations
Mr. Neil Simon, CEO
Investor Cubed Inc.
Tel: +1 647-258-3310
E-mail: nsimon@investor3.ca
Cautionary Note Regarding ForwardLooking Information
This Press Release contains certain statements whichconstitute forward-looking statements or information(“forward-looking statements”), including statements regardingLegible’s business and the Private Placement. Such forward-lookingstatements are subject to numerous risks and uncertainties, some ofwhich are beyond Legible's control, including the impact of generaleconomic conditions, industry conditions, currency fluctuations, thelack of availability of qualified personnel or management, stockmarket volatility and the ability to access sufficient capital frominternal and external sources. Although Legible believes that theexpectations in its forward-looking statements are reasonable, theyare based on factors and assumptions concerning future events whichmay prove to be inaccurate. Those factors and assumptions are basedupon currently available information. Such statements are subject toknown and unknown risks, uncertainties and other factors that couldinfluence actual results or events and cause actual results or events to differ materially from thosestated, anticipated or implied in the forward- looking information. Assuch, readers are cautioned not to place undue reliance on theforward- looking information, as no assurance can be provided as tofuture results, levels of activity or achievements. Theforward-looking statements contained in this document are made as ofthe date of this document and, except as required by applicable law,Legible does not undertake any obligation to publicly update or torevise any of the included forward-looking statements, whether as aresult of new information, future events or otherwise. Theforward-looking statements contained in this document are expresslyqualified by this cautionary statement.
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