Legible Inc. announced a non-brokered private placement of up to 5,000,000 units at a price of CAD 0.14 per unit for gross proceeds of up to CAD 700,000 on December 8, 2023. Each unit will consist of one common share and one common share purchase warrant, with each warrant entitling the holder to purchase one additional common share at a price of CAD 0.15, at any time prior on the date that is one year from the closing date; provided that if, at any time, after four months and one day after the closing date, the volume weighted average trading price of the common shares on the CSE is at least CAD 0.30 per share for a period of 5 consecutive trading days, the expiry date of the warrants may be accelerated by the company to a date that is not less than 21 days after the date that notice of such acceleration by way of a press release is provided to the warrant holders. The closing of the transaction is expected to be on or about December 15, 2023, subject to customary closing conditions and may be closed in tranches.

A finder's fee of up to 8% of the gross proceeds of the offering may be 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 number of common shares sold under the offering. Each finder's warrant may be exercised to acquire one common share at a price of CAD 0.15, at any time prior on the date that is one year from the closing date; provided that if, at any time, after four months and one day after the closing date, the volume weighted average trading price of the common shares on the CSE is at least CAD 0.30 per share for a period of 5 consecutive trading days, the expiry date of the warrants may be accelerated by the company to a date that is not less than 21 days after the date that notice of such acceleration by way of a press release is provided to the warrant holders.

The transaction size may be increased subject to applicable board of directors and regulatory approvals.