Legend Oil and Gas, Ltd. (OTCPK:LOGL) announced that it has entered into a securities purchase agreement for a private placement of original issue discount senior convertible debentures due December 1, 2018 with an existing accredited investor Hillair Capital Investments L.P., a fund managed by Hillair Capital Management LLC for gross proceeds of $1,000,000 on April 7, 2016. The debentures mature on December 1, 2018. The dentures are issued at an original issue discount/premium of 8.712%, for gross proceeds of $1,150,206.

The debenture is convertible into up to 38,640,000 common shares at a fixed conversion price of $0.03 per share. The repayment of the debenture is unsecured. The debenture will mature on March 1, 2018.

The debenture will be issued pursuant to exemptions provided under Regulation D. The company paid 50,000 as legal and diligence fees to the investor.