Legible Closes $1,103,262 Private Placement Offering

Apr 27, 202401:00 UTC

(TheNewswire)

April 26, 2024 – TheNewswire - Vancouver, British Columbia - Legible Inc.READ LEBGF (FSE:D0T) ("Legible” /“Company”) announces that, further to its April 5, 2024News Release, the Company has closed the first tranche of its$1,170,000 offering (the “Offering”) of Convertible DebentureUnits.

Legible closed on 122.58 Convertible Debenture Units at $9,000 perUnit for gross proceeds of $1,103,262, which included $527,262 insettlement of outstanding indebtedness, by way of a non-brokeredprivate placement pursuant to exemptions from applicable Canadiansecurities laws. Based on demand, Legible has increased the size ofthe Offering to $2,000,000 and is now working towards doing afollow-on closing on or about May 15, 2024.

Each Debenture Unit consists of: (i) a 14% unsecured convertibledebenture of the Company (“Debenture”) in the principal amount of$9,000; and (b) 100,000 common share purchase warrants(“Warrant”). The Debentures mature on the date that is two (2)years following the closing and are convertible at the holder’soption, at any time, after the date that is four months and one dayfrom the closing, into common shares of the Company (“CommonShares”) at a conversion price of $0.09 per share.

The Debentures bear simple interest at a rate of fourteen percent(14%) per annum (“Interest”), payable quarterly in arrears.Interest is payable in cash and or Common Shares by way of theissuance of Common Shares of the Corporation at the maximum allowablediscount as prescribed by the applicable regulatory authority, basedon the closing price of the Corporation’s Common Shares, on the datethe election is made to take payment of the Interest in Common Shares.

The holders of Convertible Debentures shall be entitled to convert thePrincipal Amount (excluding accrued but unpaid Interest), in whole orin part, at any time after the date that is four months and one dayfollowing the Closing Date, into Common Shares at a conversion priceof $0.09 per Common Share.

Each Warrant entitles the holder to purchase one Common Share at aprice of $0.10 for a period of two (2) years from closing; providedthat if, at any time, after the date that is four months and one dayfollowing the closing, the volume weighted average trading price ofthe common shares on the Canadian Securities Exchange (the “CSE”)is at least $0.40 per share for a period of 10 consecutive tradingdays, the expiry date of the Warrants may be accelerated by theCompany to a date that is not less than 21 days after the date thatnotice of such acceleration is provided to the Warrant holders, whichnotice may be by way of general press release.

In connection with closing of the Offering, Legible paid $2,880 infinder’s fees and issued 32,000 Warrants to qualified finders.

Kaleeg Hainsworth, Legible’s CEO commented, "We are excited toannounce the first closing of our Offering along with increasing itssize to accommodate investors that have expressed interest inparticipating in the Offering. This financing strengthens ourfinancial position, and enables us to further execute on the strategicinitiatives we have previously announced."

About Legible Inc.

Legible is a groundbreaking, mobile-centric globalcompany specializing in eBooks and audiobook entertainment. Itsextensive partnerships encompass four of the Big 5 Publishers, theworld's largest eBook distributor, and a wide range of outstanding andinnovative publishers of all sizes, enabling Legible to seamlessly deliver millions of multilingual eBooks andaudiobooks, transforming any smart device into a dynamic source ofcutting-edge infotainment.

Legible’s publishing division has created theworld’s first LibrarianAI to offer personalized book recommendationsand is revolutionizing the industry by crafting proprietary AI andmultimedia-enriched books. Legible recently released My Model Kitchen - Vol.1: Pasta, the first in a series of 15video-enriched Living Cookbooks by former supermodel, bestsellingauthor, TV host and celebrity chef, Cristina Ferrare, with an AI SousChef for each recipe.

As a first mover in the rapidly expanding automotiveinfotainment market, Legible has partnered with Faurecia Aptoide,Harman Ignite, Live One, and others to deliver content into thedashboards of leading automakers. Legible has the only AndroidAutomotive app with the capacity to deliver both audiobooks and eBooksto drivers and passengers around the globe, positioning Legible at theforefront of the new world of in-car infotainment experiences.

Legible is reshaping the digital publishing landscape,committed to gaining a significant market share by providinginnovative 21st-century publishing solutions and enriching globalreading experiences.

Please visit Legible.comand discover the place where eBooks come to life.

Contact Legible Inc.

Deborah Harford

EVP, Global Strategic Partnerships

1 (672) 514-2665

READ (OTCQB: LEBGF) (FSE: D0T)

invest@legible.com

Website: https://invest.legible.com

Cautionary Note Regarding ForwardLooking Information

This Press Release contains certain statements whichconstitute forward-looking statements or information(“forward-looking statements”), including statements regardingLegible’s business and the Private Placement. Such forward-lookingstatements are subject to numerous risks and uncertainties, some ofwhich are beyond Legible's control, including the impact of generaleconomic conditions, industry conditions, currency fluctuations, thelack of availability of qualified personnel or management, stockmarket volatility and the ability to access sufficient capital frominternal and external sources. Although Legible believes that theexpectations in its forward-looking statements are reasonable, theyare based on factors and assumptions concerning future events whichmay prove to be inaccurate. Those factors and assumptions are basedupon currently available information. Such statements are subject toknown and unknown risks, uncertainties and other factors that couldinfluence actual results or events and cause actual results or eventsto differ materially from those stated, anticipated or implied in theforward- looking information. As such, readers are cautioned not toplace undue reliance on the forward- looking information, as noassurance can be provided as to future results, levels of activity orachievements. The forward-looking statements contained in thisdocument are made as of the date of this document and, except asrequired by applicable law, Legible does not undertake any obligationto publicly update or to revise any of the included forward-lookingstatements, whether as a result of new information, future events orotherwise. The forward-looking statements contained in this documentare expressly qualified by this cautionary statement.

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