Labrador Technologies Inc.
TSX VENTURE : LTX

Labrador Technologies Inc.

August 18, 2011 16:58 ET

Labrador Technologies Inc. Announces Private Placement Financing

CALGARY, ALBERTA--(Marketwire - Aug. 18, 2011) -

(NOT FOR DISSEMINATION IN THE UNITED STATES OF AMERICA)

Labrador Technologies Inc. ("LTI" or "Labrador") (TSX VENTURE:LTX) is pleased to announce a non-brokered private placement of up to 20,000,000 units of Labrador ("Units"), at a price of $0.05 per Unit, for gross proceeds of up to $1,000,000 (the "Offering"). Each Unit will consist of one (1) common share in the capital of LTI ("Common Share"), and one (1) common share purchase warrant ("Warrant"), with each Warrant entitling the holder thereof to purchase one (1) common share in the capital of the Corporation (a "Warrant Share") at a price of $0.10 per Warrant Share for a period of three (3) years following the closing of the Offering.

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.

The Offering is subject to receipt of all necessary regulatory approvals. The securities issued pursuant to the Offering will be subject to a four (4) month hold period from the date of the closing of the Offering. The Offering is being undertaken on a non-brokered basis; however, LTI may pay a cash finders' fee of up to ten percent (10%) on the gross proceeds raised pursuant to the Offering and issue finders' warrants ("Finders' Warrants") equal to ten percent (10%) of the number of Units issued pursuant to the Offering to eligible persons in accordance with applicable laws. Each Finders Warrant will be exercisable into one (1) Common Share at a price of $0.10 for a period of three (3) years following the closing of the Offering.

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™, the iPad™ and other Tablets.

Advisory

Certain information regarding Labrador set forth in this news release, including the closing of the 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 and Chief Executive Officer
    (403) 263-6325