Deal sells 8% original issue discount convertibles to Hillair Capital
By Devika Patel
Knoxville, Tenn., June 4 - Legend Oil and Gas, Ltd. sold $400,000 of 8% original issue discount senior secured convertible debentures to Hillair Capital Investments, LP in a private placement on May 29, according to an 8-K filed Wednesday with the Securities and Exchange Commission.
The debentures are due April 1, 2016 and will convert to common shares at $0.01 per share.
In conjunction with the debenture Hillair will receive warrants for $1.18 million of common shares. Each warrant is exercisable at $0.01.
The conversion price and warrant strike price are identical to the May 28 closing share price.
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: | $400,000
|
| Maturity: | April 1, 2016
|
| Coupon: | 8%
|
| Conversion price: | $0.01
|
| Warrants: | For $1.18 million of stock
|
| Warrant strike price: | $0.01
|
| Investor: | Hillair Capital Investments, LP
|
| Settlement date: | May 29
|
| Stock symbol: | OTCBB: LOGL
|
| Stock price: | $0.01 at close May 28
|
| Market capitalization: | $1.31 million
|
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