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 L.P., a fund managed by Hillair Capital Management LLC for gross proceeds of $660,000 on January 29, 2016. The principle value of the debenture is $1,439,400. The debenture is convertible into up to 47,980,000 common shares at a fixed conversion price of $0.03 per share.

The repayment of the debenture is unsecured. The debenture will mature on March 1, 2018. The debenture will have no regularly scheduled interest payments.

The debenture is optionally redeemable at the option of the company. The debenture will be issued pursuant to exemptions provided under Regulation D. The company paid $30,000 as legal and diligence fees to the investor.