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 L.P., a fund managed by Hillair Capital Management LLC for gross proceeds of $500,000 on July 27, 2016. The note has a principal amount of $550,000. The note has been issued at an original issue discount of 10%. The note will be payable on March 1, 2018 and is convertible into 18,333,333 common shares at a fixed conversion price of $0.03 per share. The repayment of the debenture is unsecured. The company paid legal and diligence fees of $25,000. The company issued securities pursuant to exemptions provided under Regulation D.