Legend Oil and Gas, Ltd. (OTCPK:LOGL) announced that it has entered into a securities purchase agreement for a private placement of one original issue discount senior secured convertible debenture with an existing accredited investor, Hillair Capital Investments, Ltd., a fund managed by Hillair Capital Management LLC for gross proceeds of $594,000 on October 21, 2015. The debenture is convertible into up to 21,800,000 common shares at a fixed conversion price of $0.03 per share. The debenture has a principal value of $654,000 and will be issued at issue discount of $60,000, which is 9.174311% of principal value.

The debenture is optionally redeemable at the option of the company. The company paid a legal and diligence fees of $44,000 as reimbursement to the investor. The net proceeds received by the company were $550,000.

The debenture will have no regularly scheduled interest payments. The debenture will be issued pursuant to exemptions provided under Regulation D.