Legend Oil and Gas, Ltd. (OTCPK:LOGL) announced that it has entered into a securities purchase agreement with Hillair Capital Investments, L.P. for private placement of an Original Issue Discount Senior Convertible Debenture due March 1, 2018 for gross proceeds of $300,000 on December 16, 2016. The debenture will mature on March 1, 2018. The debenture carries a principal amount of $330,000 and issued at original issue discount of $30,000. The debenture is convertible into up to 11,000,000 common shares of the company at a conversion price of $0.03 per share. The company will issue securities pursuant to exemption provided under Regulation D.