Legend Oil and Gas, Ltd. (OTCMKTS:LOGL) Files An 8-K Entry into a Material Definitive Agreement
Item 1.01
| Entry into a Material Definitive Agreement |
The disclosure below under Item 3.02 is incorporated by reference
into this Item 1.01.
| Item2.03 |
Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of the Registrant. |
The information provided in Item 1.01 of this Current Report on
Form 8-K with respect to the issuance and the terms of the
Debenture is incorporated by reference into this Item2.03.
| Item 3.02 | Unregistered Sale of Equity Securities |
On December 16, 2016, the Company entered into a Securities
Purchase Agreement with Hillair Capital Investments, L.P.
(Purchaser) to which it issued an Original Issue Discount
Senior Convertible Debenture (the Debenture) to the
Purchaser in the aggregate amount of $330,000, payable in full on
March 1, 2018. The Debenture is convertible into up to 11,000,000
shares of Common Stock at a conversion price of $.03 per share.
The repayment of the Debenture is unsecured.
After taking into account the original issue discount, the net
proceeds received by the Company was $300,000.
These transactions are exempt from registration subject to
Section 4(2) of the Securities Act of 1933, as amended (the
Securities Act).
| Item 9.01 | Financial Statements and Exhibits |
(d) Exhibits
| Exhibits | |||
| 4.1 |
Original Discount Senior Convertible Debenture Due March 1, 2018. |
||
| 10.1 | Securities Purchase Agreement dated December 16, 2016. |
About Legend Oil and Gas, Ltd. (OTCMKTS:LOGL)
Legend Oil and Gas, Ltd. is a crude oil hauling and trucking company. The Company has principal operations in the Bakken region of North Dakota. The Company’s segments include Corporate, Trucking and Services. The Company holds interests in Black Diamond Energy Holdings, LLC (Maxxon). Maxxon is a trucking and oil and gas services company that operates in North Dakota. The Company performs hauling services for institutional drilling and exploration companies, as well as crude oil marketers. The Company offers hauling operations in the Bakken in North Dakota, as well as in Colorado. The Company intends to serve the Permian basin of Texas. The Company held interests in oil and gas properties located in the United States. Legend Oil and Gas, Ltd. (OTCMKTS:LOGL) Recent Trading Information
Legend Oil and Gas, Ltd. (OTCMKTS:LOGL) closed its last trading session down -0.00002 at 0.00040 with 28,069 shares trading hands.
