Legible Announces $4M Financing Round with Strategic Lead Investment and Capital Structure Enhancements

Legible Announces $4M Financing Round with Strategic Lead Investment and Capital Structure Enhancements

Benzinga
March 27, 2025

VANCOUVER, British Columbia, March 27, 2025 (GLOBE NEWSWIRE) -- Legible Inc. (CSE:READ) (OTCQB:LEBGF) (FSE: D0T) ("Legible" or the "Company"), a consumer brand with an entertainment and education platform that uses AI and technology as a tool, today announced a non-brokered private placement offering of Units of the Company at $0.03 per Unit for gross proceeds of up to approximately $4,000,000 (the "Offering"), pursuant to exemptions under applicable Canadian securities laws.

Each Unit will consist of one common share ("Common Share") and one common share purchase warrant ("Warrant"). Each Warrant will entitle the holder to acquire one additional Common Share at an exercise price of $0.05, exercisable at any time prior to 5:00 p.m. (Pacific time) on the date that is two (2) years from the closing date. The Warrants are subject to acceleration: should the volume-weighted average trading price of the Common Shares on the Canadian Securities Exchange ("CSE") equal or exceed $0.25 for 15 consecutive trading days, the Company may accelerate the expiry date upon issuing a press release, giving Warrant holders no less than 15 trading days' notice.

The Offering is expected to have a first close on or about April 3, 2025, subject to customary closing conditions, and may be completed in tranches. The Company reserves the right to increase or decrease the total gross proceeds. A finder's fee of up to 8% in cash may be paid on all or a portion of the Offering. In addition, the Company may issue finders' warrants equal to up to 8% of the number of units sold, with each finder's warrant exercisable at $0.05 for two years, subject to the same acceleration terms noted above.

In accordance with CSE requirements, the Company has received written consent to the Offering from 24 shareholders, representing approximately 53.3% of the Company's outstanding Common Shares, totaling 75,215,608 out of 141,101,803 shares.

"This Offering is ...

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