Mr. Kaleeg Hainsworth reports

LEGIBLE CLOSES $1,103,262 PRIVATE PLACEMENT OFFERING

Further to the April 6, 2024, news release, Legible Inc. has closed the first tranche of its $1.17-million offering of convertible debenture units.

Legible closed on 122.58 convertible debenture units at $9,000 per unit for gross proceeds of $1,103,262, which included $527,262 in settlement of outstanding indebtedness, by way of a non-brokered private placement, pursuant to exemptions from applicable Canadian securities laws. Based on demand, Legible has increased the size of the offering to $2-million, and is working toward doing a follow-on closing on or about May 15, 2024.

Each debenture unit consists of: (i) a 14-per-cent unsecured convertible debenture of the company in the principal amount of $9,000; and (b) 100,000 common share purchase warrants. The debentures mature on the date that is two years following the closing, and are convertible at the holder's option, at any time, after the date that is four months and one day from the closing, into common shares of the company at a conversion price of nine cents per share.

The debentures bear simple interest at a rate of 14 per cent per annum, payable quarterly in arrears. Interest is payable in cash and/or common shares by way of the issuance of common shares of the corporation at the maximum allowable discount as prescribed by the applicable regulatory authority, based on the closing price of the corporation's common shares, on the date the election is made to take payment of the interest in common shares.

The holders of convertible debentures shall be entitled to convert the principal amount (excluding accrued but unpaid interest), in whole or in part, at any time after the date that is four months and one day following the closing date, into common shares at a conversion price of nine cents per common share.

Each warrant entitles the holder to purchase one common share at a price of 10 cents for a period of two years from closing, provided that, if, at any time, after the date that is four months and one day following the closing, the volume-weighted average trading price of the common shares on the Canadian Securities Exchange is at least 40 cents per share for a period of 10 consecutive trading days, the expiry date of the warrants may be accelerated by the company to a date that is not fewer than 21 days after the date that notice of such acceleration is provided to the warrantholders, which notice may be by way of general press release.

In connection with closing of the offering, Legible paid $2,880 in finders' fees and issued 32,000 warrants to qualified finders.

Kaleeg Hainsworth, Legible's chief executive officer, commented: "We are excited to announce the first closing of our offering, along with increasing its size to accommodate investors that have expressed interest in participating in the offering. This financing strengthens our financial position and enables us to further execute on the strategic initiatives we have previously announced."

About Legible Inc.

Legible is a groundbreaking, mobile-centric, global company, specializing in e-books and audiobook entertainment. Its extensive partnerships encompass four of the big-five publishers, the world's largest e-book distributor, and a wide range of outstanding and innovative publishers of all sizes, enabling Legible to seamlessly deliver millions of multilingual e-books and audiobooks, transforming any smart device into a dynamic source of cutting-edge infotainment.

Legible's publishing division has created the world's first LibrarianAI to offer personalized book recommendations, and is revolutionizing the industry by crafting proprietary artificial intelligence and multimedia enriched books. Legible recently released My Model Kitchen -- Volume 1: Pasta, the first in a series of 15 video enriched living cookbooks by former supermodel, bestselling author, TV host and celebrity chef, Cristina Ferrare, with an AI sous-chef for each recipe.

As a first mover in the rapidly expanding automotive infotainment market, Legible has partnered with Faurecia Aptoide, Harman Ignite, Live One and others to deliver content into the dashboards of leading automakers. Legible has the only Android automotive app with the capacity to deliver both audiobooks and e-books to drivers and passengers around the globe, positioning Legible at the forefront of the new world of in-car infotainment experiences.

Legible is reshaping the digital publishing landscape, committed to gaining a significant market share by providing innovative 21st century publishing solutions and enriching global reading experiences.

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