Legible Media (READ:CSE) common shares began trading on the Canadian Stock Exchange on Dec. 1, under the ticker symbol READ, following completion of a reverse takeover.
Legible Inc. offers a new ebook reading platform called Legible, designed by a group of authors, digital ebook publishers, book publishing experts, and designers. Through the platform, authors, publishers, and ebook developers may create and sell high quality books, using multimedia, modern code bases, and HTML. Legible's primary goal is to afford readers everywhere access to millions of ebooks via any Internet-connected device.
The reverse takeover between the three entities — Twenty20 Investments Inc., Legible Media Inc. and 1284830 B.C. Ltd., a wholly owned Twenty20 subsidiary — closed as outlined in the agreement. Subsequently, Twenty20 changed its name to Legible Inc.
As a result of the transaction, 1284830 B.C. and Legible Media amalgamated. Twenty20 acquired all of Legible Media's securities, issued and outstanding. Legible Media shareholders, in exchange for their shares, received an equal number of Twenty20 shares. Legible Media became a wholly owned subsidiary of Twenty20.
Now, the new company Legible Inc. has 62,800,000 common shares outstanding. Former Twenty20 shareholders have about 7.3% of those, and former Legible Media shareholders have about 92.7%.
In other news, Vancouver, British Columbia-headquartered Legible Inc. is holding a private placement offering for gross proceeds of up to $1 million. Each of the 1 million units on offer constitutes one common share and one-half of a warrant.
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1) Doresa Banning compiled this article for Streetwise Reports LLC and provides services to Streetwise Reports as an independent contractor. She or members of her household own securities of the following companies mentioned in the article: None. She or members of her household are paid by the following companies mentioned in this article: None.
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