June 22, 2024

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Legible Closes $741,605 Private Placement Offering

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VANCOUVER, British Columbia — Legible Inc. (CSE: READ) (OTCQB: LEBGF) (FSE: D0T) (“Legible” / “Company”) announces that, further to its October 6, 2023 News Release, the Company has closed its non-brokered private placement of units (“Units”).

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The Company issued 6,180,041 Units at $0.12 per Unit for gross proceeds of $741,605 which included $128,650 in settlement of outstanding indebtedness. Each Unit consists of one common share (“Common Share”) and one whole Common Share purchase warrant (“Warrant”) with each Warrant entitling the holder to acquire 1 Common Share at a price of $0.15, at any time prior to 5:00 pm (Vancouver time) on the date that is one year from the closing date, provided that if the volume weighted average trading price of the Common shares is at least $0.30 per Common 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 is provided to the Warrant holders by way of a press release.

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David Van Seters and Shannon Kaustinen, directors of Legible, each subscribed for 125,000 Units under the Private Placement. Legible has determined that exemptions from the various requirements of Multilateral Instrument 61-101 are available for the issuance of the Units (Formal Valuation – Issuer Not Listed on Specified Markets; Minority Approval – Fair Market Value Not More Than $2,500,000).

Legible will use the proceeds for general working capital purposes, including technology development, product and feature releases, marketing, and conversion campaigns. All securities issued in connection with the Private Placement are subject to a hold period that expires on February 21, 2024. There were finders’ fees paid to qualified individuals in the amount of $29,397 in cash and 286,640 in warrants…

Business Wire

2023-10-20 20:40:25

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