Legend sells $460,082 discounted convertibles in $400,000 placement

Debentures convert to 15,336,080 shares; Hillair was the investor

By Devika Patel

Knoxville, Tenn., June 3 – Legend Oil and Gas, Ltd. settled a private placement of $460,082 original issue discount senior unsecured convertible debentures with Hillair Capital Investments LP for $400,000 on May 27, according to an 8-K filed Friday with the Securities and Exchange Commission. The purchase price reflects an original issue discount and the payment of $20,000 of fees.

The debentures are due on March 1, 2018 and are convertible into 15,336,080 common shares at $0.03 per share.

The oil and gas exploration, development and production company is based in Seattle.

Issuer:	Legend Oil and Gas, Ltd.
Issue:	Original issue discount senior unsecured convertible debentures
Amount:	$460,082
Maturity:	March 1, 2018
Price:	$400,000
Conversion price:	$0.03
Conversion ratio:	Into 15,336,080 shares
Warrants:	No
Investor:	Hillair Capital Investments LP
Fees:	$20,000
Settlement date:	May 27
Stock symbol:	OTCBB: LOGL

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