Deal sells 8% original issue discount convertibles to Hillair Capital
By Devika Patel
Knoxville, Tenn., July 17 - Legend Oil and Gas, Ltd. sold $1.01 million of 8% original issue discount senior secured convertible debentures to Hillair Capital Investments, LP in a private placement on July 10, according to an 8-K filed Wednesday with the Securities and Exchange Commission.
The debentures are due Dec. 1, 2014 and will convert to common shares at $0.0561 per share.
The conversion price is a 37.67% discount to the July 9 closing share price of $0.09.
In conjunction with the debenture Hillair will purchase 3 million restricted common shares.
The oil and gas exploration, development and production company is based in Seattle.
| Issuer: | Legend Oil and Gas, Ltd.
|
| Issue: | Original issue discount senior secured convertible debentures
|
| Amount: | $1,008,000
|
| Maturity: | Dec. 1, 2014
|
| Coupon: | 8%
|
| Conversion price: | $0.0561
|
| Warrants: | No
|
| Investor: | Hillair Capital Investments, LP
|
| Settlement date: | July 10
|
| Stock symbol: | OTCBB: LOGL
|
| Stock price: | $0.09 at close July 9
|
| Market capitalization: | $7.81 million
|
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