LEBGF - Legible Closes $1050000 Private Placement Offering
(TheNewswire)
July 16, 2024 – TheNewswire - Vancouver, British Columbia – Legible Inc. (CSE: READ) (OTCQB: LEBGF) (FSE: D0T) ("Legible” /“Company”) announces, further to its July 8, 2024 NewsRelease, the closing of the announced non-brokered private placementoffering (the “Offering”) of convertible debenture units (the“Unit(s)”) pursuant to exemptions from applicable Canadiansecurities laws .
Legible closed on 150 Units at $7,000 per Unit for gross proceeds of$1,050,000 under the Offering. The gross proceeds included theissuance of 60 Units in settlement of $420,000 of indebtedness.
Each Unit consists of: (i) a 15% unsecured convertible debenture ofthe Company (“Debenture”) in the principal amount of $7,000; and(b) 100,000 common share purchase warrants (“Warrant(s)”). TheDebentures mature on the date that is two (2) years following theclosing and are convertible at the holder’s option, at any time intocommon shares of the Company (“Common Share(s)”) at a conversionprice of $0.07 per Common Share.
The Debentures bear simple interest at a rate of fifteen percent (15%)per annum (“Interest”), payable quarterly in arrears. Interest ispayable in cash and or Common Shares by way of the issuance of CommonShares of the Company at the maximum allowable discount as prescribedby the applicable regulatory authority, based on the closing price ofthe Company’s Common Shares, on the date the election is made totake payment of the Interest in Common Shares.
The holders of Debentures shall be entitled to convert the principalamount thereunder (excluding accrued but unpaid Interest), in whole orin part into Common Shares at a conversion price of $0.07 per CommonShare.
Each Warrant entitles the holder to purchase one Common Share at aprice of $0.08 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 $0.25 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.
Mr. Jaret Wilson, is a “related party” under MultilateralInstrument 61-101 (the “Policy”) by virtue of having beneficialownership of more than 10% of the outstanding Common Shares of Legibleon a partially diluted basis, subscribed for 90 Units under theOffering. Legible has determined that exemptions from the variousrequirements of the Policy are available for the issuance of the Units(Formal Valuation and Minority Approval – Fair Market Value lessthan 25% of Market Capitalization). For more detail refer to theMaterial Change Report filed on SEDAR in connection with thisdisclosure.
Legible will use the proceeds for general working capital purposes,including technology development, product and feature releases,marketing, and conversion campaigns. All securities issued inconnection with the Offering are subject to a hold period that expireson November 17, 2024. There were no finders’ fees paid with respectto the closing of the Private Placement.
Kaleeg Hainsworth, Legible’s CEO commented, “Legible is gratefulfor Mr Wilson's vision and support, and our team is working closelywith him to refine paths to revenue and profitability. Legiblecontinues to build its subscription service and publish prestigebooks by celebrity authors looking to engage global audiences. Legible continues to advance its automotivepartnerships and curated catalogues for B2B customers.”
About Legible Inc.
Legible is a groundbreaking, mobile-centric globalcompany specializing in eBooks and audiobook entertainment. Itsextensive 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 Legible to seamlesslydeliver millions of multilingual eBooks and audiobooks, transformingany smart device into a dynamic source of cutting-edge infotainment.
Legible’s publishing division has created theworld’s first LibrarianAI to offer personalized bookrecommendations and is revolutionizing the industry by craftingproprietary AI and multimedia-enriched books. Legible recentlyreleased My Model Kitchen -Vol. 1: Pasta , the first in a series of 15video-enriched Living Cookbooks by former supermodel, bestsellingauthor, TV host and celebrity chef, Cristina Ferrare, with an AI SousChef for each recipe.
As first mover in the rapidly expanding automotiveinfotainment market, Legible has partnered with Faurecia Aptoide,Harman Ignite, Live One, and Visteon and is also delivering itscontent into the dashboards of leading automakers that offer cars withGoogle built-in. Legible has the only Android Automotive app with thecapacity to deliver both audiobooks and eBooks to drivers andpassengers in tens of millions of vehicles around the globe,positioning Legible at the forefront of the new world of in-carinfotainment experiences.
Legible is reshaping the digital publishing landscape,committed to gaining a significant market share by providinginnovative 21st-century publishing solutions and enriching globalreading experiences.
Please visit Legible.com and discover the place where eBooks come to life.
Contact Legible Inc.
Deborah Harford
EVP, Global Strategic Partnerships
1 (672) 514-2665
(CSE: READ) (OTCQB: LEBGF) (FSE: D0T)
invest@legible.com
Website: https://invest.legible.com
Legible InvestorRelations
Mr. Neil Simon, CEO
Investor Cubed
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 general economic conditions, industry conditions,currency fluctuations, the lack of availability of qualified personnelor management, stock market volatility and the ability to accesssufficient capital from internal and external sources. AlthoughLegible believes that the expectations in its forward-lookingstatements are reasonable, they are based on factors and assumptionsconcerning future events which may prove to be inaccurate. Thosefactors and assumptions are based upon currently availableinformation. Such statements are subject to known and unknown risks,uncertainties and other factors that could influence actual results orevents and cause actual results or events to differ materially fromthose stated, anticipated or implied in the forward- lookinginformation. As such, readers are cautioned not to place unduereliance on the forward- looking information, as no assurance can beprovided as to future 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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