Legend Oil and Gas, Ltd. (OTCPK:LOGL) announced that it has entered into a securities purchase agreement for private placement of an original issue discount senior convertible debenture due March 1, 2018 with existing investor, Hillair Capital Investments L.P., a fund managed by Hillair Capital Management LLC for gross proceeds of $350,000 on August 21, 2016. The note has a principal amount of $385,000. The note has been issued at an original issue discount of 9.090909%. The note will be payable on March 1, 2018 and is convertible into 12,333,333 common shares at a fixed conversion price of $0.03 per share. The repayment of the debenture is unsecured. The company paid legal and diligence fees of $10,000. The company issued securities pursuant to exemptions provided under Regulation D. No brokerage or finder’s fees or commissions are or will be payable by the Company or any Subsidiaries to any broker, financial advisor or consultant, finder, placement agent, investment banker, bank or other Person with respect to the transaction.