Legible Closes Final $1 Million Tranche
Legible has recently announced the successful closure of its non-brokered Private Placement of units, which was increased to $2,371,383 based on demand. This milestone represents a significant achievement for the company as it secures the necessary funding for general working capital purposes. This includes technology development, product and feature releases, marketing, and conversion campaigns.
Legible Inc., a book entertainment and media company, aims to provide millions of books for billions of readers globally. They provide innovative eReading experiences to anyone with an internet-enabled device. Legible has developed two high-value verticals: Legible.com and Legible Publishing. Moreover, they both have high-growth and high-revenue potential. All securities issued in connection with the Private Placement are subject to a hold period that expires on November 29, 2023. Finders’ fees were paid to qualified individuals for $64,960 in cash and 721,778 in warrants.
“Closing this Private Placement at over four times the originally announced amount of $540,000 reflects the growing confidence in our vision and strategy by investors,” stated Kaleeg Hainsworth, CEO and Founder of Legible. “I’d also like to extend our appreciation to AlphaNorth Partners Fund Inc. for their instrumental role in leading this financing. Their support not only propels us forward financially but also endorses our commitment to revolutionizing the publishing industry. With these funds, we’re poised to further enhance our technology, roll out new features, and intensify our market reach, ensuring a promising future for our stakeholders.”
The closure of the private placement offering aligns with Legible’s strategy to stay ahead of the market by continuously innovating and adapting to the evolving needs of its customers. Furthermore, Legible is transforming the digital publishing industry and gaining market share through innovative, 21st-century publishing and global reading experiences. They embrace core values of sustainability, accessibility, and global literacy.