Legible Inc. announced a private placement of 13,000,000 convertible debenture units at a price of CAD 0.09 per unit for the gross proceeds of CAD 1,170,000 on April 5, 2024. Each debenture unit consists of a 14% unsecured convertible debenture of the company in the principal amount of CAD 9,000; and 100,000 common share purchase warrants. The debentures mature on the date that is two years following the closing and are convertible at the holder's option into common shares of the company at a conversion price of CAD 0.09 per common share.

The debentures bear simple interest at a rate of 14% per annum, payable quarterly in arrears. The holders of debentures shall be entitled to convert the principal amount, in whole or in part, at any time after the date that is four months and one day following the closing date, into common shares at a conversion price of CAD 0.09 per common share. Each warrant entitles the holder to purchase one common share at a price of CAD 0.10 for a period of two years from closing, provided that if, at any time, after the date that is four months and one day following the closing, The company reserves the right to increase the maximum aggregate gross proceeds under the Offering to an amount greater than CAD 1,170,000.

A finder?s fee of up to 8% of the gross proceeds of the Private Placement may be paid in cash on all or any portion of the Private Placement.