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Legible Announces $1 Million Unit Offering in Private Placement

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Legible Announces $1 Million Unit Offering in Private Placement

Legible Inc. (CSE: READ) (OTCQB: LEBGF) (FSE: D0T) is pleased to announce a private placement offering of Units of the Company at $0.12 per Unit, with the goal of raising up to $1,000,000 in gross proceeds. The offering will be conducted as a non-brokered private placement, adhering to exemptions from applicable Canadian securities laws. The size of the offering may be increased subject to Board of Directors and regulatory approval.

Structure of the Offering

Each Unit will consist of one Common Share of the Company and one Common Share purchase warrant (Warrant). The Warrant will entitle the holder to purchase one additional Common Share at a price of $0.15, exercisable until 5:00 p.m. (Vancouver time) one year from the Closing Date. The Company reserves the right to accelerate the expiry date of the Warrants if the volume weighted average trading price of the Common Shares on the CSE reaches at least $0.30 per share for five consecutive trading days.

Closing Date and Finder's Fee

The first closing under the Offering is scheduled for October 16, 2023, subject to customary closing conditions. The offering may be closed in tranches. A finder's fee of up to 8% of the gross proceeds of the Offering may be paid in cash, and finder's warrants may be issued in an amount up to 8% of the number of Common Shares sold.
Intended Use of Proceeds
Legible intends to utilize the proceeds of the Offering for general working capital purposes, including technology development, product and feature releases, marketing awareness, and conversion campaigns. In conclusion, Legible's $1 million Unit Offering in a private placement presents an opportunity for investors to participate in the company's growth and development. The funds raised will support the company's ongoing operations and strategic initiatives in the digital publishing landscape.

Implications of Legible's $1 Million Unit Offering for New Businesses

Legible Inc.'s recent announcement of a $1 million unit offering in a private placement could have significant implications for new businesses, particularly those in the digital publishing landscape. The offering, conducted as a non-brokered private placement, aims to raise up to $1 million in gross proceeds, a substantial amount that could fuel the company's growth and development.

Investment Structure and Opportunities

The structure of the offering, consisting of one common share and one common share purchase warrant per unit, presents an attractive investment opportunity. The warrant entitles the holder to purchase an additional common share at a specified price, potentially yielding considerable returns if the company's share price increases.

Impact of Finder's Fee

The finder's fee, up to 8% of the gross proceeds of the offering, could incentivize intermediaries to promote the offering, potentially attracting a larger pool of investors. This approach could be a viable strategy for new businesses seeking to raise capital.
Use of Proceeds for Business Growth
Legible's intention to use the proceeds for general working capital purposes, including technology development and marketing, underscores the importance of such investments for business growth. This strategy could serve as a blueprint for new businesses in the digital publishing sector and beyond. In conclusion, Legible's $1 million unit offering could provide valuable insights for new businesses, highlighting effective strategies for raising capital and investing in business growth.
Story First Published at: https://financialpost.com/pmn/business-wire-news-releases-pmn/legible-announces-1-million-unit-offering-private-placement
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