Legend Oil and Gas, Ltd. (OTCPK:LOGL) announced that it has entered into a securities purchase agreement for private placement of an original issue discount senior convertible debenture due March 1, 2018 with existing investor Hillair Capital Investments, LP, a fund managed by Hillair Capital Management LLC for gross proceeds of $275,000 on November 29, 2016. The debenture has a principal amount of $302,500 and will be issued at an original issue discount of $27,500. The debenture will mature on March 1, 2018. The debenture will convertible into up to 10,083,333 shares of the company at a fixed conversion price of $0.03 per share. The company may not prepay any portion of the principal amount of this debenture without the prior written consent of the investor. The repayment of the debenture is unsecured. The company will issue securities pursuant to exemption provided under Regulation D. The debenture has no regularly scheduled interest payments. No brokerage or finder’s fees or commissions are or will be payable by the company or any subsidiaries to any broker, financial advisor or consultant, finder, placement agent, investment banker, bank or other person with respect to the transactions contemplated by the transaction documents. The securities may only be disposed of in compliance with state and federal securities laws. Each party shall pay the fees and expenses of its advisers, counsel, accountants and other experts, if any, and all other expenses incurred by such party incident to the negotiation, preparation, execution, delivery and performance of this agreement. The company shall pay all transfer agent fees, stamp taxes, and other taxes and duties levied in connection with the delivery of any securities to the purchasers.