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 April 3, 2017, 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 $660,000, payable in full on
March 1, 2018. The Debenture is convertible into up to 22,000,000
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 and
diligence costs and fees, the net proceeds received by the
Company was $590,000.
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 April 3, 2017. |
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 up +0.00120 at 0.00250 with 22,657,156 shares trading hands.