Legible Announces $1 Million Unit Offering Private Placement

Legible Inc. (CSE: READ) (OTCQB: LEBGF) (FSE: D0T) ("Legible” or the “Company"), is pleased to announce an offering of Units of the Company at $0.12 per Unit for gross proceeds of up to $1,000,000 (the “Offering”) to be issued by way of a non-brokered private placement pursuant to exemptions from applicable Canadian securities laws. The size of the offering may be increased subject to Board of Directors and regulatory approval.

Each Unit will consist of one Common Share of the Company (“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 $0.15, at any time prior to 5:00 p.m. (Vancouver time) on the date that is one (1) year from the Closing Date; provided that if, at any time, after the Closing Date, the volume weighted average trading price of the Common Shares on the CSE is at least $0.30 per share for a period of 5 consecutive trading days, the expiry date of the Warrants may be accelerated by the Company to a date that is not less than 21 days after the date that notice of such acceleration by way of a press release is provided to the Warrant holders.

The first closing under the Offering is scheduled to be on or about October 16, 2023, subject to customary closing conditions and may be closed in tranches. A finder’s fee of up to 8% of the gross proceeds of the Offering may be paid in cash on all or any portion of the Offering. Additionally, finder’s warrants may be issued in an amount up to 8% of the number of Common Shares sold under the Offering. Each Finder’s Warrant may be exercised to acquire one Common Share at a price of $0.12 per share for a period of one (1) year from the closing; provided that if, at any time, the volume weighted average trading price of the common shares on the CSE is at least $0.30 per share, for a period of 5 consecutive trading days, the expiry date of the Finder’s Warrants may be accelerated by the Company to a date that is not less than 21 days after the date that notice of such acceleration is provided to the Finder’s Warrant holders, which notice will be by way of a press release.

The Company intends to use the proceeds of the Offering for general working capital purposes including technology development, product and feature releases, marketing awareness and conversion campaigns.

About Legible Inc.

Legible is a groundbreaking, mobile-centric global company specializing in eBooks and audiobook entertainment, boasting a market opportunity exceeding billions of dollars. Legible’s extensive partnerships encompass four of the Big 5 Publishers and the world's largest eBook distributor, enabling it to seamlessly deliver over 2 million eBooks and audiobooks, effectively transforming any smart device into a dynamic library and eBookstore.