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Legible Increases Size of $0.14 Unit Offering to $3.08 Million Along With Clarifications

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 update on its previously announced offering (the "Offering") of units ("Units"). The Company announced the Offering, pursuant to exemptions from applicable securities laws, for the sale of up to 15,000,000 Units at $0.14 per Unit for gross proceeds of $2,100,000. 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 (Vancouver time) 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 further announces that the size of the Offering has been increased to 22,000,000 Units at $0.14 per Unit for gross proceeds of up to $3,080,000.

A finder's fee of up to 8% of the gross proceeds of the Offering may be paid in cash on all or any portion of the Offering. Additionally, finder's warrants ("Finders Warrants") may be issued in an amount up to 8% of the number of Units sold under the Offering. Each Finder's Warrant may be exercised to acquire one Common Share at a price of $0.14 per share for a period of one (1) year from the closing. Provided that if, at any time, the volume weighted average ...