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 $600,000 on April 3, 2017. The debenture will mature on March 1, 2018. The debenture is convertible into up to 22,000,000 common shares of the company at a fixed conversion price of $0.03 per share. The repayment of the debenture is unsecured. The debenture carries a principal amount of $660,000 and is issued at an original issue discount of $60,000. The company has agreed to reimburse the investor a non-accountable sum of $10,000 for the legal fees and expenses. The company received net proceeds of $590,000 in the transaction. The company issued the securities pursuant to exemption provided under Regulation D.