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 secured convertible debentures due March 1, 2016 with an accredited existing investor, Hillair Capital Investments, L.P., a fund managed by Hillair Capital Management LLC for gross proceeds of $315,000 on June 30, 2015. The debenture is convertible into up to 11,333,333 common shares at a fixed conversion price of $0.03 per share. The net proceeds received by the company were $300,000, after deducting legal and diligence fees of $15,000 reimbursed to the purchaser.

The company issued securities pursuant to exemption provided under Regulation D. The debentures have principal value of $340,000 and were issued at issue discount of $25,000, which is 7.3529% of principal value. The debentures will have no regularly scheduled interest payments.