Legend Oil and Gas, Ltd. (OTCPK:LOGL) announced that it has entered into a securities purchase agreement with existing investor Hillair Capital Investments, L.P.; a fund managed by Hillair Capital Management LLC for the private placement of an original issue discount senior convertible debenture due March 1, 2018 for gross proceeds of $350,000 on January 3, 2017. The debenture will mature on March 1, 2018. The repayment of the debenture is unsecured. The debenture carries a principal amount of $380,000 and is issued at an original issue discount of $30,000. The company has agreed to reimburse the investor the non-accountable sum of $5,000 for the legal fees and expenses. The company received net proceeds of $345,000 in the transaction. The debenture is convertible into up to 12,833,333 common shares of the company at a fixed conversion price of $0.03 per share. The company issued the securities pursuant to exemption provided under Regulation D.