Legible Closes Private Placement of Units and Increases Offering Size to $694,566
Summary
The Company intends to use the proceeds from the Private Placement for ongoing technology development, marketing, and general working capital purposes. Each finders warrant may be exercised to acquire one Common Share at a price of $0.10 per share for a period of one (1) year from the closing; provided that if, at any time, after the date that is four months and one day following the closing, the volume weighted average trading price of the Common Shares on the CSE is at least $0.45 per share for a period of 5 consecutive trading days, the expiry date of the finders 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 finders warrant holders, which notice may be by way of general press release.Legible also announced that, further to its December 23, 2021 News Release, it has amended the terms of the engagement with Red Cloud Securities Inc., a company that provides market-making services to Legible, to increase the monthly fee to $7,000 from July 1, 2022 to March 31, 2023.Legible Inc. is a book entertainment and media company with a mission: millions of books for billions of readers, globally. Legible has developed two high-value verticals: a browser-based mobile-first B2C ebook entertainment platform delivering a global online bookstore and reading system for the emerging web with high-growth potential called Legible.com, which offers beautiful, accessible & immersive reading for next-generation readers; and second, a global B2B ebook conversion and production service with high revenue potential called Legible Publishing a world-class high-volume digital conversion service for publishers and organizations and a remediation service of ebook content for the accessibility community. Although Legible believes that the expectations in its forward-looking statements are reasonable, they are based on factors and assumptions concerning future events which may prove to be inaccurate. As such, readers are cautioned not to place undue reliance on the forward-looking information, as no assurance can be provided as to future results, levels of activity or achievements.