Legible Provides Corporate Update and Announces $550,000 Unit Offering Private Placement

Legible is pleased to provide the following Corporate Update from CEO Kaleeg Hainsworth. As we start the new year, I am thrilled to update you on the progress of our browser-based eReading platform and ebookstore, Legible.com. We have been working tirelessly to build and enhance our product offerings and are excited to share that 2023 will be a year of significant advancements, growth, and scaling for the Company.

We have an impressive lineup of products and features planned for the first half of 2023, including:

• Release of Legible Unbound, our premier membership plan featuring unlimited search and reading via our AI recommendation engine, branded as Librarian AI.
• Introduction of audiobooks, making Legible a pioneer in the integration of ebooks, audiobooks and multimedia ebooks on a browser-based platform.
• Launch of our app, Legible Wander, which will enable readers to enjoy ebooks offline anywhere in the world.

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We have also established major partnerships to grow our market share and readership, including providing compelling reading options for large-scale transit companies, and mass market multimedia ebook content, called Living Books, developed with celebrity authors and influencers, which will provide significant income for our publishing vertical, Legible Publishing.

In addition to these product launches, we will be launching sales and marketing campaigns leveraging multiple channels and value propositions that we have strategically built over 2022. Furthermore, we are expanding into the U.S. market with DTC eligibility, which allows investors to more efficiently trade Legible’s common shares, whereas in the past they may have been restricted, thereby facilitating access to a larger pool of investors.

Legible believes that the future of digital reading is bright, and we are excited to be at the forefront of this rapidly evolving industry. We are confident that Legible will continue to be a leader in the space, and look forward to working with our shareholders, readers, and partners to make this a reality.

Thank you for your continued support as we execute on our vision to revolutionize the global ebook marketplace. Here’s to a successful and prosperous 2023.

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Unit Offering Private Placement

Legible also announces an offering of Units at $0.11 per Unit for gross proceeds of up to $550,000 (the “Offering”), to be issued by way of a non-brokered private placement pursuant to exemptions from applicable Canadian securities laws.

Each Unit will consist of one common share of the Company (“Common Share”) and one Common Share purchase warrant (“Warrant”), with each Warrant entitling the holder to purchase one additional Common Share at a price of $0.15, at any time prior to 5:00 p.m. (Vancouver time) on the date that is one (1) year from the Closing Date; provided that if, at any time, after the date that is four months and one day following the Closing Date, the volume weighted average trading price of the Common Shares on the CSE is at least $0.45 per share for a period of 5 consecutive trading days, the expiry date of the Warrants may be accelerated by the Company to a date that is not less than 21 days after the date that notice of such acceleration is provided to the Warrant holders, which notice may be by way of general press release.

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