(TheNewswire)
July 8, 2024 – TheNewswire - Vancouver, British Columbia - Legible Inc. (CSE: READ) (OTCQB: LEBGF) (FSE: D0T) ("Legible” /“Company”) announces a non-brokered privateplacement offering of unsecured convertible debentures pursuant toexemptions from applicable Canadian securities laws (“DebentureUnits”).
Legible is offering up to 150 Debenture Units at $7,000per unit for gross proceeds of up to $1,050,000. There is no minimumamount associated with the offering and the number of Debenture Unitsmay be increased upon receipt of the prerequisite board and regulatoryapprovals.
Each Debenture Unit consists of: (i) a 15% unsecuredconvertible debenture of the Company (“Debenture”) in theprincipal amount of $7,000; and (ii) 100,000 common share purchasewarrants (“Warrant”). The Debentures mature on the date that istwo (2) years following the closing and are convertible at theholder’s option into common shares of the Company (“CommonShares”) at a conversion price of $0.07 per Common Share.
The Debentures bear simple interest at a rate offifteen percent (15%) per annum (“Interest”), payable quarterly inarrears. Interest is payable in cash and or Common Shares by way ofthe issuance of Common Shares of the Company at the maximum allowablediscount as prescribed by the applicable regulatory authority, basedon the closing price of the Company’s Common Shares, on the date theelection is made to take payment of the Interest in CommonShares.
The holders of the Debentures shall be entitled toconvert the principal amount (excluding accrued but unpaid Interest),in whole or in part, into Common Shares at a conversion price of $0.07per Common Share.
Each Warrant entitles the holder to purchase one CommonShare of the Company at a price of $0.08 for a period of two (2) yearsfrom closing; provided that if, at any time, after the date that isfour months and one day following the closing, the volume weightedaverage trading price of the Common Shares on the Canadian SecuritiesExchange (the “CSE”) is at least $0.25 per share for a period of10 consecutive trading days, the expiry date of the Warrants may beaccelerated by the Company to a date that is not less than 21 daysafter the date that notice of such acceleration is provided to theWarrant holders, which notice may be by way of general pressrelease.
A finder’s fee of up to 8% of the gross proceeds ofthe private placement can be paid in cash. Finder’s warrants can beissued in an amount up to 8% of the number of Common Shares issuableupon conversion of the Debentures sold under the private placement.Each finder’s warrant may be exercised to acquire one Common Shareat a price of $0.08 per share for a period of two (2) years from theclosing; provided that if, at any time, after the date that is fourmonths and one day following the closing, the volume weighted averagetrading price of the Common Shares on the CSE is at least $0.25 pershare for a period of 10 consecutive trading days, the expiry date ofthe finder’s warrants may be accelerated by the Company to a datethat is not less than 21 days after the date that notice of suchacceleration is provided to the finder’s warrant holders, whichnotice may be by way of general press release.
Pursuant to the terms disclosed in the Company’spress release dated April 5, 2024, on April 26, 2024 Legible closed$1,103,262 in its convertible debenture private placement offeringthat is now closed.
Kaleeg Hainsworth, Legible’s CEO stated, "Inthis offering we have already received a firm lead-order for $540,000along with confirmations that over $160,000 in debt settlements willbe converted into the offering. This financing will advance multipleinitiatives that are focused on driving revenue. We appreciate thesupport that we are receiving from our stakeholders as we work towardsestablishing Legible as a global brand that is poised to transform theeBook and audiobook marketplaces."
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-edgeinfotainment.
Legible’s publishing division has created theworld’s first LibrarianAI to offer personalized book recommendationsand is revolutionizing the industry by crafting proprietary AI andmultimedia-enriched books. Legible recently released 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 a first mover in the rapidly expanding automotiveinfotainment market, Legible has partnered with Faurecia Aptoide,Harman Ignite, Live One, and Visteon and will also be deliveringcontent 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. Legible InvestorRelations
Deborah Harford Mr. Neil Simon, CEO
EVP, Global Strategic Partnerships Investor Cubed Inc.
1 (672) 514-2665 +1 647-258-3310
(CSE: READ) (OTCQB: LEBGF) (FSE: D0T) nsimon@investor3.ca
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 ormanagement, 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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