VANCOUVER, British Columbia–(BUSINESS WIRE)–Legible Inc. (CSE: READ) (“Legible”), a browser-based, mobile-first, globally accessible online eBook reading and publishing platform, has announced today that it has retained Red Cloud Securities Inc. (Red Cloud) to initiate its market making service and provide market making services to Legible in compliance with the policies and guidelines of the Canadian Securities Exchange (CSE), and other applicable regulations.
Red Cloud will trade shares of Legible on the CSE on a best-efforts basis for the purposes of maintaining a reasonable and consistent bid and offer spread and board lot size for Legible’s common shares for the majority of the daily trading hours on the CSE, and to supply liquidity as needed.
The agreement provides that Legible will pay Red Cloud $5,000 per month, payable quarterly in advance. The engagement may be terminated by either party with written or verbal notice. Legible and Red Cloud act at arm’s length, but Red Cloud may provide investment banking services to Legible and/or its clients may have an interest, directly or indirectly, in securities of Legible.
The agreement is principally for the purposes of maintaining market stability and liquidity for Legible’s common shares and is not a formal market making agreement. There are no performance factors contained in the agreement between Red Cloud and Legible, and Red Cloud will not receive any shares or options from Legible as compensation for services it will render.
About Legible Inc.
Legible is a new browser-based eBook reading platform that is revolutionizing how readers, publishers, and authors connect. Founded by a team of authors, digital eBook publishers, designers, and book publishing industry insiders, Legible’s strategy is to offer readers around the globe open access to millions of books on any internet-connected device. Legible’s core values—accessibility, sustainability, beauty, and integrity—inform its ongoing commitment to, and active engagement in, promoting literacy, justice, equity, diversity, inclusion, and a climate-conscious future worldwide.
Visit Legible.com and discover the place where eBooks come to life!
About Red Cloud Securities Inc.
Red Cloud Securities Inc. is a IIROC regulated broker dealer offering corporate issuers a wide breadth of advisory, investment banking, research, and distribution services.
Certain statements contained in this news release constitute “forward-looking information” and ”forward looking statements” as such terms are used in applicable Canadian securities laws. Forward-looking statements and information are based on plans, expectations and estimates of management at the date the information is provided and are subject to certain factors and assumptions, including, among others, that Legible’s financial condition and development plans do not change as a result of unforeseen events, and Legible’s ability to execute on its business plans. Specifically, this news release contains forward-looking statements relating to Legible’s agreement with Red Cloud Securities Inc.
Forward-looking statements and information are subject to a variety of risks and uncertainties and other factors that could cause plans, estimates and actual results to vary materially from those projected in such forward-looking statements and information. Factors that could cause the forward-looking statements and information in this news release to change or to be inaccurate include, but are not limited to, the risk that any of the assumptions referred to prove not to be valid or reliable, that occurrences such as those referred to above are realized and result in delays, or cessation in planned work, that Legible’s financial condition and development plans change, as well as the other risks and uncertainties applicable to the industry in which Legible operates, and as set forth in Legible’s public documents available under Legible’s profile at www.sedar.com.
The above summary of assumptions and risks related to forward-looking statements in this news release has been provided in order to provide shareholders and potential investors with a more complete perspective on Legible’s current and future operations and such information may not be appropriate for other purposes. There is no representation by Legible that actual results achieved will be the same in whole or in part as those referenced in the forward-looking statements and Legible does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by applicable securities law.
Chief Executive Officer
Head of Investor Relations