Labrador Technologies Inc.
TSX VENTURE : LTX

Labrador Technologies Inc.

August 29, 2011 08:30 ET

Labrador Technologies Inc. Announces Closing of Oversubscribed Private Placement

CALGARY, ALBERTA--(Marketwire - Aug. 29, 2011) -

(NOT FOR DISSEMINATION IN THE UNITED STATES OF AMERICA)

Labrador Technologies Inc. ("LTI" or "Labrador") (TSX VENTURE:LTX) is pleased to announce that it has completed a non-brokered private placement (the "Private Placement") originally announced August 18, 2011. The Private Placement was oversubscribed, with LTI raising gross aggregate proceeds totaling $1,015,000 by issuing 20,300,000 units of Labrador ("Units"), at a price of $0.05 per Unit. Each Unit consists of one (1) common share ("Common Share") of LTI, and one (1) common share purchase warrant ("Warrant"), with each Warrant exercisable at a price of $0.10 per Common Share, for a period of three (3) years following the closing of the Private Placement (the "Offering").

No agent was retained in connection with the Private Placement, but LTI paid finder's fees in the amount of $101,500 and issued finder's warrants ("Finder's Warrants") totaling 2,030,000 Warrants to qualified persons in accordance with applicable securities laws. Each Finder's Warrant is exercisable into one Common Share at a price of $0.10 per share for a period of three (3) years from the closing of the Offering.

"The response to this financing has been unprecedented for the Company", said CEO, Ron Sterne. "Although we are disappointed that all potential investors could not be included, we know that ongoing progress and proven results will continue to earn investor interest in LTI."

All securities issued under the Offering are subject to a hold period until December 27, 2011. The proceeds of the Offering will be used for expanding eTriever's market launch into all sectors of the Oil & Gas industry, for increasing and broadening eTriever R&D, for further enhancing the Labrador® Tools, and for general working capital. This eTriever® deployment phase will be bolstered by LTI's logical growth and extension with its partners into eTriever accessing data from proprietary databases, a stronghold of Labrador expertise powered by the Labrador® Tools.

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 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 and Chief Executive Officer
    (403) 263-6325