Labrador Technologies Inc.
TSX VENTURE : LTX

Labrador Technologies Inc.

February 28, 2011 11:33 ET

Labrador Technologies Inc. Announces Closing of First Tranche of Private Placement

CALGARY, ALBERTA--(Marketwire - Feb. 28, 2011) -

(NOT FOR DISSEMINATION IN THE UNITED STATES OF AMERICA)

Labrador Technologies Inc. ("LTI" or "Labrador") (TSX VENTURE:LTX) is pleased to announce closing of the first tranche of its previously announced private placement (the "Offering") for up to 15,000,000 common shares of Labrador ("Common Shares"), at a price of $0.05 per Common Share, for proceeds of up to $750,000.

The first tranche consisted of 3,000,000 Common Shares for gross proceeds of $150,000. The proceeds from the closing of the first tranche will be used for expanding the current successful eTriever market launch into all sectors of the Oil & Gas industry, for increasing and broadening eTriever R&D, and for general working capital. This critical eTriever deployment phase will be bolstered significantly by LTI's logical growth and extension with its partners into accessing data from proprietary databases, a stronghold of Labrador expertise.

In connection with the closing of the first tranche, an arm's length party was paid a cash commission of $6,000 and received 120,000 Common Shares in lieu of cash commission. All securities issued under the closing of the first tranche of the Offering are subject to a statutory hold period until June 26, 2011. The Offering is subject to receipt of all necessary regulatory approvals.

Labrador® eTriever is a secure, web-based, generic 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 wireless data access using such devices as the BlackBerry™, the iPhone™, and the iPad™.

Advisory

Certain information regarding Labrador set forth in this news release, including the closing of the Increased Offering, the use of proceeds of the Offering 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 the 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.

Contact Information

  • Labrador Technologies Inc.
    Ronald Sterne
    President
    (403) 263-6325