Legible provides a corporate update and announces a $550,000 unit offering private accommodation

VANCOUVER, British Columbia–(BUSINESS WIRE)–Readable Inc. (CSE: READ) (FSE: D0T) (OTC: LEBGF) (“Read” or the “Company”) is pleased to announce the following corporate news from Chief Executive Officer Kaleigh Hainsworth.

As we begin the new year, I’m excited to update you on the progress of our browser-based e-reading platform and e-bookstore, Legible.com. We have worked tirelessly to build and improve our product offering and are excited to say that 2023 will be a year of significant progress, growth and expansion for the company.

We have an impressive lineup of products and features planned for the first half of 2023, including:

  • Release of Legible Unbound, our premium membership plan that includes unlimited search and reading through our AI recommendation engine, under the Librarian AI brand.

  • The introduction of audiobooks, making Legible a pioneer in the integration of e-books, audiobooks and multimedia e-books on a browser-based platform.

  • The launch of our app, Legible Wander, which will allow readers to enjoy e-books offline anywhere in the world.

We have also established major partnerships to increase our market share and readership, including providing compelling reading options for major transportation companies and mass-market multimedia e-book content, called Living Books, developed with celebrity authors and influencers, which will provide significant revenue for our publishing vertical, Legible Publishing.

In addition to these product launches, we will launch sales and marketing campaigns leveraging the multiple channels and value propositions we have strategically built throughout 2022. Furthermore, we are expanding into the US market with DTC eligibility, allowing investors to trade Legible’s common stock more efficiently, whereas in the past may have been limited, thus facilitating access to a larger number of investors.

Legible believes the future of digital reading is bright and we are excited to be at the forefront of this rapidly evolving industry. We are confident that Legible will continue to be a leader in the space and look forward to working with our shareholders, readers and partners to make this happen.

Thank you for your continued support as we execute our vision of revolutionizing the global e-book market. We wish you a successful and prosperous 2023.

A unit that offers private accommodation

Legible is also announcing an offering of Units at $0.11 per Unit for gross proceeds of up to $550,000 (the “Offering”), to be issued through an unbrokered private placement pursuant to exemptions from applicable Canadian securities laws.

Each Unit will consist of one common share of the Company (“Common Share”) and one common share purchase warrant (“Warrant”), each warrant entitling the holder to purchase one additional common share at a price of $0.15 in at any moment. before 5:00 p.m. (Vancouver time) on a date that is one (1) year after the Closing Date; provided that if, at any time after the date that is four months and one day after the Closing Date, the weighted average volume trading price of the Common Stock on the CSE is at least $0.45 per share for a period of 5 consecutive trading days , the date of expiry of the guarantees may be accelerated by the Company to a date not less than 21 days after the date on which the notice of such acceleration is delivered to the holders of the guarantees, and such notice may be by means of a general press release.

The Company reserves the right to increase the maximum aggregate gross proceeds under the Offering to an amount greater than $550,000. The Offering is expected to close on or about January 20, 2023, subject to customary closing conditions and may close in tranches. A finder’s fee of up to 8% of the gross proceeds of the private placement may be paid in cash for all or any part of the private placement. Additionally, finder’s warrants can be issued in the amount of up to 8% of the number of debenture units sold in the private placement. Each finder’s warrant is exercisable to acquire one common share at a price of $0.11 per share for a period of one (1) year from closing; provided that if, at any time after the date that is four months and one day after the Closing, the weighted average volume trading price of the Common Stock on the CSE is at least $0.45 per share for a period of 5 consecutive trading days, the Company may accelerate the expiration date of search warrants to a date not less than 21 days after the date on which notice of such acceleration is delivered to holders of search warrants, and such notice may be by way of a general press release.

The Company intends to use the proceeds of the Offering for general working capital purposes including technology development, product and feature releases, marketing awareness and conversion campaigns.

About Legible Inc.

Legible Inc. is a book and media entertainment company with a mission: millions of books for billions of readers, worldwide. Legibly provides innovative e-reading experiences to anyone, anywhere with an internet-enabled device. Legible has developed two high-value verticals: a B2C browser-based e-book platform, a mobile-first entertainment platform that delivers a global online bookstore and an emerging web reading system with high growth potential called Legible.com; and a global B2B e-book conversion and production service with high revenue potential called Legible Publishing. Founded and led by a team of technologists, authors, ebook publishers, designers and publishing industry insiders, Legible is transforming the digital publishing industry and gaining market share through innovative 21st century publishing and global reading experiences. Legibly embraces the core values ​​of sustainability, accessibility and global literacy.

Visit Legible.com and discover the place where e-books come to life.

Warning regarding forward-looking information

This press release contains certain statements that constitute forward-looking statements or information (“forward-looking statements”), including statements regarding Legible’s business and the private placement. Such forward-looking statements are subject to numerous risks and uncertainties, some of which are beyond Legible’s control, including the impact of general economic conditions, industry conditions, currency fluctuations, lack of availability of qualified personnel or management, stock market volatility and the ability to access sufficient capital from internal and external sources. Although Legible believes that the expectations in its forward-looking statements are reasonable, they are based on factors and assumptions about future events that may prove to be incorrect. These factors and assumptions are based on currently available information. Such statements are subject to known and unknown risks, uncertainties and other factors that could affect actual results or events and cause actual results or events to differ materially from those stated, projected or implied in the forward-looking information. As such, readers are cautioned not to place undue reliance on forward-looking information, as no guarantees can be made as to future results, levels of activity or achievements. The forward-looking statements contained herein are made as of the date hereof and, except as required by applicable law, Legible undertakes no obligation to publicly update or revise any of the forward-looking statements included, whether as a result of new information, future events or otherwise. Forward-looking statements contained in this document are expressly qualified by this cautionary statement.


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