CALGARY, ALBERTA--(Marketwired - Oct. 3, 2013) -
(Not for dissemination in the United States of America)
Labrador Technologies Inc. (TSX VENTURE:LTX) ("Labrador" or the "Company") previously announced that it has completed a final tranche closing of 4,350,000 units of the Company (the "Units"), for gross proceeds of $43,500, in connection with the Company's non-brokered private placement (the "Private Placement") originally announced on May 15, 2013.
As previously announced, the Company completed the Private Placement for aggregate gross proceeds of $163,500 in connection with the issuance of 16,500,000 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 was approved by Labrador's board of directors and conducted in accordance with the TSX Venture Exchange "Temporary Relief Measures". The proceeds of the Private Placement have and will be allocated to the following: audit and accounting expenses - $11,000; legal expenses - $12,000; federal and provincial payments - $16,000; programming consulting expenses $80,000; landlord payments - $12,500; and corporate services - $32,000.
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 data retrieval software that visualizes and maps Oil & Gas data on computers, tablets, and smartphones.
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.
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.