On September 29, 2014, the Company and Hillair entered into an 8% Original Issue Discount Debenture for approximately $1.56 million. This debenture includes a warrant for Hillair topurchase 155,680,000 shares of Legend common stock for $.01 per share. Net proceeds from this financing were $1.3 million.
Warren Binderman, Legend's Chief Financial Officer notes that "this additional infusion by Hillair is a result of the significant accomplishments since the restructuring commenced in June 2014. In the last quarter we expended funds to drill a multitude of additional wells, significantly increased our production, acquired the Volunteer and Landers leases, and cleaned up the Company's financial statements-- placing Legend Energy Canada, Ltd., the Company's wholly owned subsidiary, into the Canadian bankruptcy Courts. Further, obtaining a release from the subsidiary's bank debt was a key component in obtaining funding from Hillair."