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Legible Announces $2.1 Million Private Placement Unit Offering and Appointment of Chief Technology Officer

VANCOUVER, British Columbia, Oct. 24, 2024 (GLOBE NEWSWIRE) -- Legible Inc. (CSE:READ) (OTCQB:LEBGF) (FSE: D0T) ("Legible or "the Company"), a leading platform and innovator in digital literature, announces an offering of units ("Units") for gross proceeds of $2,100,000 by way of a non-brokered private placement (the "Offering") pursuant to exemptions from applicable securities laws. Each Unit consists of one common share ("Common Share(s)") and one whole Common Share purchase warrant ("Warrant(s)") with each Warrant entitling the holder to acquire 1 Common Share at a price of $0.14, at any time prior to 5:00 pm (PST) on the date that is two years from the closing date. If the volume weighted average trading price of the Common shares is at least $0.40 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 14 days after the date that notice of such acceleration is provided to the Warrant holders by way of a press release.

The Company has received subscription agreements totaling $1.7 Million. Closing may occur in tranches, with the first tranche expected to close on or about October 31, 2024.

Legible is also pleased to announce the appointment of Mr. Andrew Nelson to the position of Chief Technology Officer. Mr. Nelson is a Senior Software Engineer who brings nearly 20 years of experience in a wide array of technological and business development roles spanning a wide array of industries, having held a number of senior positions. Prior to Mr. Nelson's appointment as Legible's CTO, Mr. Nelson held the position of Director of Technology at Legible as of January 2024. Mr. Nelson's proficiencies in software development, web design, cybersecurity, data analytics, organizational planning, and product development have helped companies create and implement scalable, customer-focused solutions to drive business growth and brand recognition. Mr. Nelson also has extensive executive and board experience.

Andrew Nelson stated, "I'm incredibly grateful to take on this leadership role at Legible, a company with such a positive mission to revolutionize how people read and interact with digital literature. Our technology roadmap is centered around creating personalized, accessible, and intuitive experiences that seamlessly integrate into everyday life. As CTO, I'm committed to ensuring that our product innovation and leadership align fully with ...