On October 27, 2016, Legend Oil and Gas, Ltd. (OTCPK:LOGL) closed the transaction. The company has received additional $300,000 in the transaction by issuing a senior secured debenture due September 30, 2019, bringing the gross proceeds received to $1,450,000. The company also issued 15 series B convertible preferred shares in the tranche. The debenture bears interest at the rate of 20% per annum, payable monthly beginning March 31, 2017. The company is obligated to make monthly principal payments of $12,500. The investor may invest up to an additional $550,000 in the transaction.