April 05, 2013 13:35 ET
CALGARY, ALBERTA--(Marketwired - April 5, 2013) -
(NOT FOR DISSEMINATION IN THE UNITED STATES OF AMERICA)
Labrador Technologies Inc. (TSX VENTURE:LTX) ("Labrador" or the "Company") is pleased to announce that it has completed a second tranche closing of 13,000,000 units of the Company (the "Units") in connection with the non-brokered private placement (the "Private Placement") originally announced on January 28, 2013 for gross proceeds of $130,000. The aggregate gross proceeds received by the Corporation in connection with the Private Placement totalled $236,500 for the issuance of 23,650,000 Units of Labrador at a price of $0.01 per Unit. Each Unit consists of one common share (a "Common Share") and one-half (1/2) of a Common 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. The Private Placement is being conducted in accordance with the TSX Venture Exchange "Temporary Relief Measures", and proceeds 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.
The Common Shares and Warrants are subject to a four month hold period in accordance with applicable securities law.
Labrador® specializes in secure, web-based retrieval software that seamlessly visualizes and maps Oil & Gas data on both mobile devises and the desktop.
Certain information regarding Labrador set forth in this news release, including 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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