Vancouver, British Columbia –(working wire) –Read company (CSE: READ) (FSE: D0T) (OTCQB: LEBGF) (“Legible” or “the Company”) is proud to announce a partnership with Tim Urban, the world-renowned writer and thinker behind the popular blog Wait But Why, to produce his new book What’s Our Problem ?: A Self-Help Communities Book” as a digital publication only.
Tim Urban is one of the most sought-after writers and thinkers of our time. “What is our problem?” He takes readers on a deep journey exploring the most pressing issues facing society today and provides a roadmap for resolving them. Presented in Tim’s blog’s classic Wait Why style, and filled with original concepts, sticky metaphors, and 300 illustrations, the book is guaranteed to be a thought-provoking and entertaining read that will leave a lasting impression on all who read it.
“We are honored to work with Tim on this groundbreaking project,” said Calig Hainsworth, CEO of Legible. “The Legible team is excited to help bring their vision of solving community problems to a global audience.”
Tim Urban’s blog Wait But Why, a feature-length satirical illustration website, explores the intersection of technology and psychology. The blog has more than 600,000 email subscribers, receives millions of unique visitors per month, and has attracted famous fans like Elon Musk. Tim’s 2016 TED Talk, Inside the Mind of the Master Procrastinator, ranks in the top five most watched TED Talks with over 65 million views.
“What is our problem?” It will be published exclusively in digital format and will be available for purchase in early 2023.
Private Placement Unit
Legible also announces an increase in the size of the private placement of units (“Units”), in addition to its January 16, 2023 news release, from $550,000 to $1,100,000 (“Private Placement”).
In addition, Legible also announced that it has completed closing the first tranche of the private placement. 3,982,727 units were issued at $0.11 each for total proceeds of $438,100 (minus a finder fee of $2,420 for net proceeds of $435,680; $18,000 of which was settlement of outstanding indebtedness).
Mr. David Van Seters, director of Legible, has subscribed for 81,818 units and Ms. Shannon Kaustinen, also a director of Legible, has subscribed for 81,818 units under the private placement. The acceptor has specified that exemptions from the various requirements of MLT 61-101 are available for the issuance of units (formal appraisal – issuer not listed on select markets; minority approval – fair market value not more than $2,500,000).
Each unit consists of one common share of the Company (the “Common Share”) and an order to purchase one common share (the “Warranty”). Each warrant entitles the holder to purchase one share at $0.15 for a period of one (1) year from closing; Provided that if, at any time, after the date which is four months and one day after closing, the average trading price of common stock on the Canadian Securities Exchange (“CSE”) is at least $0.45 per share for a period of 5 consecutive trading days The expiry date of the Warranties may be accelerated by the Company to a date not less than 21 days after the date on which notice of such acceleration is given to the Warrant Holders, which may be by the method of a public press release.
As noted above, finders acting in connection with the private placement received fees in the aggregate of $2,420 and 22,000 finder warrants. Each Finder warrant may be exercised to acquire one share at $0.11 per share for a period of one (1) year from closing; Provided that if, at any time, after the date which is four months and one day after the close, the volume-weighted average trading price of the CSE Common Stock is at least $0.45 per share for 5 consecutive trading days, the Company may accelerate the expiration date The validity of Finder warrants to a date not less than 21 days after the date on which notice of such expediting is given to Finder warrant holders, which may be by means of a public press release.
The Company intends to use the proceeds of the private placement for general working capital purposes including technology development, product and feature releases, marketing awareness and conversion campaigns. All securities issued in connection with the private placement are subject to a holding period that expires on June 3, 2023.
About Legible Inc.
Legal Inc. is a book media and entertainment company with a mission: millions of books for billions of readers worldwide. Legible provides innovative e-reading experiences to anyone, anywhere, with an Internet-connected device. Legible has developed two high value pillars: a browser-based B2C electronic entertainment platform, the first mobile platform to offer a global online library and an emerging web reading system with high growth potential called Legible. read site; And the conversion and production service of e-books among global companies with high revenue potential is called Read publication. Founded and led by a team of technologists, authors, e-book publishers, designers, and publishing industry insiders, Legible is transforming the digital publishing industry and gaining market share through innovative global publishing and reading experiences in the 21st century. Readable embraces core values of sustainability, accessibility, and global literacy.
Visit read site And discover where e-books come to life.
A note of caution regarding forward-looking information
This press release contains certain statements that constitute forward-looking statements or information (“Forward-Looking Statements”), including statements about Legible’s business and own site. Such forward-looking statements are subject to many risks and uncertainties, some of which are beyond Legible’s control, including the effect of general economic conditions, industry conditions, currency fluctuations, unavailability of qualified personnel or management, stock market volatility and the ability to access adequate capital from internal and external sources. Although Legible believes that expectations in its forward-looking statements are reasonable, they are based on factors and assumptions about future events that may be inaccurate. 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, anticipated or implied in the forward-looking information. As such, readers are cautioned not to place undue reliance on forward-looking information, as no guarantee can be given about future results, levels of activity, or achievements. The forward-looking statements contained in this document were made as of the date herein, and except as required by applicable law, Legible undertakes no obligation to publicly update or revise any of the forward-looking statements contained, whether as a result of new information, future events or otherwise. The forward-looking statements contained herein are expressly qualified by this cautionary statement.