(TheNewswire)
December 8, 2023 – TheNewswire – Vancouver, British Columbia -- LegibleInc. (CSE:READ) (OTC:LEBGF) (FSE:D0T)("Legible” or the “Company") is pleased to announce anoffering of Units of the Company at $0.14 per Unit for gross proceedsup to 5,000,000 Units of the Company (“Units”) at $0.14 per Unitfor gross proceeds of up to $700,000 (the “Offering”) to be issuedby way of a non-brokered private placement pursuant to exemptions fromapplicable Canadian securities laws. The size of the Offering may beincreased subject to applicable Board of Directors and Regulatoryapprovals.
Each Unit will consist of one Common Share of theCompany priced at $0.14 (“Common Share”) and one Common Sharepurchase warrant (“Warrant”), with each Warrant entitling theholder to purchase one additional Common Share at a price of $0.15, atany time prior to 5:00 p.m. (Vancouver time) on the date that is one(1) year from the Closing Date; provided that if, at any time, afterfour months and one day after the Closing Date, the volume weightedaverage trading price of the Common Shares on the CSE is at least$0.30 per share for a period of 5 consecutive trading days, the expirydate of the Warrants may be accelerated by the Company to a date thatis not less than 21 days after the date that notice of suchacceleration by way of a press release is provided to the Warrantholders.
The first and potentially only closing under theOffering is expected to be on or about December 15, 2023, subject tocustomary closing conditions and may be closed in tranches. Afinder’s fee of up to 8% of the gross proceeds of the Offering maybe paid in cash on all or any portion of the Offering. Additionally,finder’s warrants may be issued in an amount up to 8% of the numberof Common Shares sold under the Offering. Each Finder’s Warrant maybe exercised to acquire one Common Share at a price of $0.15 per sharefor a period of one (1) year from the closing; provided that if, atany time, after four months and one day after the Closing, the volumeweighted average trading price of the common shares on the CSE is atleast $0.30 per share, for a period of 5 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 will be by way of a press release.
The Company intends to use the proceeds of the Offeringfor general working capital purposes including technology development,product and feature releases, marketing awareness and conversioncampaigns.
Legible will host a Corporate Year End Webinar onDecember 13, 2023, at 4:00 PM EST during which time Legible’s CEO,Kaleeg Hainsworth, will be presenting an overview of currentoperations, achievements in 2023, and an update on upcomingmilestones, while sharing excerpts of the Company’s most recentinvestor presentation. We invite all investors and other interestedparties to register for the Webinar at the link below.
Date : December13, 2023 Time: 4:00 PM EST
Webinar Registration: https://us06web.zoom.us/webinar/register/WN_a6o864MXQDSUjOsXzCV9xg
Legible’s CEO, Kaleeg Hainsworth, commented“Looking back on 2023, Legible has made significant progress instrengthening its foundation. I look forward to updating our valuedshareholders and those interested in hearing our story on our upcomingWebinar.”
About Legible Inc.
Legible is a mobile-centric global company specializingin eBook and audiobook entertainment, boasting a market opportunityexceeding billions of dollars. Legible’s extensive partnershipsencompass four of the Big 5 Publishers and the world's largest eBookdistributor, enabling it to seamlessly deliver millions of eBooks andaudiobooks, effectively transforming any smart device into a dynamiclibrary and eBookstore.
At the heart of Legible’s innovation lies itsLibrarianAI, the world's pioneering AI-powered assistant, enhancingthe reading experience. Legible’s publishing division isrevolutionizing the industry by crafting proprietary AI-enrichedmultimedia books, setting new standards in literary engagement.
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 place where eBooks come to life.
Contact Legible:
Deborah Harford
EVP, Global Strategic Partnerships
1 (672) 514-2665
(CSE: READ) (OTCQB: LEBGF) (FSE: D0T)
Email: invest@legible.com
Website: https://invest.legible.com
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 eventsto differ materially from those stated, anticipated or implied in theforward- looking information. As such, readers are cautioned not toplace undue reliance on the forward- looking information, as noassurance can be provided as to future results, levels of activity orachievements. The forward-looking statements contained in thisdocument are made as of the date of this document and, except asrequired by applicable law, Legible does not undertake any obligationto publicly update or to revise any of the included forward-lookingstatements, whether as a result of new information, future events orotherwise. The forward-looking statements contained in this documentare expressly qualified by this cautionary statement.
NOT FOR DISTRIBUTION TO UNITED STATESNEWSWIRE SERVICES
OR FOR DISSEMINATION IN THE UNITEDSTATES
Copyright (c) 2023 TheNewswire - All rights reserved.