January 28, 2013 13:05 ET
CALGARY, ALBERTA--(Marketwire - Jan. 28, 2013) -
(NOT FOR DISSEMINATION IN THE UNITED STATES OF AMERICA)
Labrador Technologies Inc. (TSX VENTURE:LTX) ("Labrador" or the "Company") announced that it has arranged a $500,000 non-brokered private placement for the Company.
In accordance with the TSX Venture Exchange's "Temporary Relief Measures", Labrador proposes to issue approximately 50,000,000 Units at a price of $0.01 per Unit. Each Unit will consist of one common share of the Company and one-half (1/2 ) share purchase warrant (a "Warrant") with each whole Warrant entitling the holder to acquire one additional common share of the Company at a price of $0.05 per share for a period of 12 months from the date of issuance of the Unit. Proceeds of the private placement will be allocated to the following: audits and accounting expenses; legal expenses; federal and provincial payments; operating loans; programming expenses; and other miscellaneous fees owing.
Labrador® eTriever is a secure, web-based, data retriever, which thrives in complex database environments such as the Oil & Gas industry. eTriever® goes well beyond conventional methods of oil and gas data retrieval to provide seamless wireless data access using such devices as the BlackBerry™, the iPhone™, and the iPad™.
Certain information regarding Labrador set forth in this news release, including the closing of the private placement, the use of proceeds of the private placement may constitute forward-looking statements under applicable securities laws and necessarily involve substantial known and unknown risks and uncertainties. The forward- looking statements contained in this document are made as at the date of this news release and Labrador 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 laws.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Labrador Technologies Inc.Ronald SterneCEO(403) 263-6325
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