Legend Oil and Gas, Ltd. (OTCPK:LOGL) announced that it has entered into a securities purchase agreement for private placement of an original issue discount senior convertible debenture due March 1, 2018 with existing investor Hillair Capital Investments, LP, a fund managed by Hillair Capital Management LLC for gross proceeds of $400,000 on October 31, 2016. The debenture have a principal amount of $440,000 and will be issued at an original issue discount of $40,000. The note will mature on March 1, 2018. The debenture will convertible into up to 14,666,667 shares at a price of $0.03 per share. The company may not prepay any portion of the principal amount of this debenture without the prior written consent of the investor. The repayment of the debenture is unsecured. The company will issue securities pursuant to exemption provided under Regulation D. The company has agreed to reimburse the investor the non-accountable sum of $10,000 its due diligence expenses and legal fees and expenses. The company received net proceeds of $390,000. The debenture bears interest at the rate of 20% per annum, payable monthly beginning March 31, 2017.