Legible Inc. announced a non-brokered private placement of up to 5,000,000 units at a price of CAD 0.11 per unit for gross proceeds of up to CAD 550,000 on January 16, 2023. Each unit will consist of one common share and one common share purchase warrant, with each warrant entitling the holder to purchase one additional common share at a price of CAD 0.15 at any time prior to 5:00 p.m. on the date that is one year from the closing date. The company reserves the right to increase the maximum aggregate gross proceeds under the offering to an amount greater than CAD 550,000.

The offering is expected to close on or about January 20, 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 Private Placement may be paid in cash on all or any portion of the Private Placement. Additionally, finder's warrants may be issued in an amount up to 8% of the number of Debenture Units sold under the Private Placement.

Each finder's warrant may be exercised to acquire one common share at a price of CAD 0.11 per share for a period of one year from the closing; provided that if, at any time, after the date that is four months and one day following the closing, the volume weighted average trading price of the common shares on the CSE is at least CAD 0.45 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.