Legend Oil and Gas, Ltd. (OTCPK:LOGL) announced that it has entered into a securities purchase agreement for private placement of a senior secured debenture due September 30, 2019 with existing investor Hillair Capital Investments, LP, a fund managed by Hillair Capital Management LLC for gross proceeds of $1,150,000 on September 30, 2016. The note will be payable on September 30, 2019. The debenture bears interest at the rate of 20% per annum, payable monthly beginning March 31, 2017. The company is obligated to make monthly principal payments of $47,916.67 beginning September 30, 2017. The repayment of the debenture is secured by titles to 19 trucks owned by subsidiaries of the company. The company will issue securities pursuant to exemption provided under Regulation D. The investor may invest up to an additional $850,000 in debentures by March 31, 2017. The company paid $87,545.44 of the expenses to the investor. The company received net proceeds of $1,062,454.56.