- Legible (CSE:READ) has upsized its financing to up to $1.5 million and closed the first tranche for gross proceeds of $758,603
- The company intends to use the proceeds for general working capital purposes
- It includes technology development, product and feature releases, marketing awareness and conversion campaigns
- Legible is a browser-based, mobile-first, globally distributed publishing and reading platform
- Legible Inc. (READ) is down 8.33 per cent, trading at C$0.11 per share at 3:50 pm ET
Legible (CSE:READ) has upsized its financing to up to $1.5 million and closed the first tranche for gross proceeds of $758,603.
In the first tranche, the company issued 8,428,921 units at $0.09 per unit. Each unit consists of one common share and one common share purchase warrant. Each warrant allows the holder to purchase one additional common share at $0.12 for one year from the closing date. The financing is subject to acceleration clause.
Legible expects to close the second tranche of the private placement in the coming weeks.
The company intends to use the proceeds for general working capital purposes. It includes technology development, product and feature releases, marketing awareness as well as conversion campaigns.
All securities issued are subject to a statutory hold period, expiring on October 6, 2023.
About Legible
Legible is a browser-based, mobile-first, globally distributed publishing and reading platform. It provides innovative eReading experiences to anyone anywhere with an internet-enabled device.
Legible Inc. (READ) is down 8.33 per cent, trading at C$0.11 per share at 3:50 pm ET.
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