Legible Inc. announced a non-brokered private placement of up to 150 debenture units at a price of CAD 7,000 per unit for gross proceeds of up to CAD 1,050,000 on July 8, 2024. Each debenture unit consists of a 15% unsecured convertible debenture of the company in the principal amount of CAD 7,000 and 100,000 common share purchase warrant. The debentures mature on the date that is two (2) years following the closing and are convertible at the holder?s option into common shares of the company at a conversion price of CAD 0.07 per common share.

The debentures bear simple interest at a rate of 15% per annum, payable quarterly in arrears. Each warrant entitles the holder to purchase one common share of the company at a price of CAD 0.08 for a period of two (2) years from closing. A finder?s fee of up to 8% of the gross proceeds of the private placement can be paid in cash.

Finder?s warrants can be issued in an amount up to 8% of the number of common shares issuable upon conversion of the debentures sold under the private placement.