Legible Inc. is pleased to announce a non-brokered private placement financing of 7,500,000 Units of the Company, for gross proceeds of up to CDN $3 million (the “Financing”).
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The Company intends to use funds from the Financing for ongoing business development, marketing, technology development, working capital and general corporate purposes.
“This financing will support our planned monthly product feature releases and our marketing awareness and conversion campaigns in preparation for the full launch of the legible.com experience in the summer of 2022, as we spoke about in our Corporate Update Presentation on Wednesday, February 16th,” stated Legible’s CEO Kaleeg Hainsworth. “We look forward to Legible’s product releases over the next few months, which include sponsored bookshelves, Legible Living Books, enhanced competitive pricing features, our full subscription experience, and the Legible mobile app for offline synchronized reading. The full launch of legible.com will offer a compelling subscription service, eBook purchases a la carte, world-class curation and eBook recommendation services, and seamless accessibility to our catalogue via the browser and the Legible app. Legible’s eBook entertainment platform is being built to deliver a rich, delightful reading experience to the eReading marketplace.”
Investors can access Legible’s February 2022 Investor Presentation here.
Financing Terms
The Financing (conducted pursuant to exemptions from applicable Canadian securities laws) will be for 7,500,000 Units of the Corporation for gross proceeds of up to $3,000,000. Each Unit will be priced at $0.40 and will consist of one common share of the Corporation (“Common Share”) and one Common Share purchase warrant (“Warrant”), with each Warrant entitling the holder to purchase one additional Common Share at a price of $0.60 for a period of one year from the date of issuance
About Legible Inc.
Legible Inc. is a book media platform company committed to providing delightful eReading and ePublishing experiences for writers, readers, and Legible consumers that value the immersive entertainment experiences that are accessible through beautifully constructed and dynamic books, provided by a company that promotes sustainability, wide accessibility, and global literacy.