Legend Oil and Gas, Ltd. (OTCPK:LOGL) announced that it has entered into a securities purchase agreement for private placement of original issue discount senior convertible debentures due March 1, 2018 with existing investor, Hillair Capital Investments L.P., a fund managed by Hillair Capital Management LLC for gross proceeds of $420,000 on May 27, 2016. The note has a principal amount of $460,082.40. The note has been issued on an original issue discount. The note will be payable on March 1, 2018 and is convertible into 15,336,080 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 $20,000. The company issued securities pursuant to exemptions provided under Regulation D.