Legend Oil and Gas Ltd. has entered into a new equity financing with Lincoln Park Capital (LPC) of Chicago, IL. Upon signing the agreements, LPC made an initial purchase of 192,308 shares of common stock for $50,000 at a price of $0.26 per share. Upon filing the registration statement, LPC will purchase another $50,000 at a price based off of market prices with no discount and after the SEC has declared effective the registration statement related to the transaction, LPC will purchase an additional $100,000.

Thereafter, the Company will have the right, at its sole discretion, to sell up to an additional $10.0 million shares of common stock to LPC over a 36-month period, subject to satisfaction of certain conditions as set forth in the Purchase Agreement.

For each purchase notice, the Company can sell up to 250,000 shares of its common stock to LPC as often as once every three business days, the total value of which is not to exceed $1 million per notice.

Tags: Legend O&G