19 Nov Announces Update on Blu Tec Investment
Labrador Technologies Inc. (“Labrador” or the
“Corporation”) (TSXV: “LTX”) announces that it has issued the common shares (“Shares”) under the first tranche (“First Tranche”) of the private placement announced on October 4, 2018 (the “Private Placement”) to Blu Tec Inc. Total proceeds under the First Tranche totaled
$100,000 CDN. The Private Placement consisted of units of Labrador at a price of $0.05 per unit (“Unit”). Each Unit consists of one Share and one Share purchase warrant (“Warrant”) exercisable at $0.10 for a period of two years from the date of issuance. Shares and Warrants issued in the Private Placement are subject to a four-month hold period. Proceeds from the Private Placement will be used by the Corporation for general working capital with special focus on the development of the Cannaverse software components and to advance the Corporation’s proprietary visualization solution for financial reporting. The Corporation also announces that in connection with the Private Placement, an aggregate of $7,000 in finder’s fees were paid to eligible finders pursuant to the terms of the offering.
Labrador and Blu Tec are also extending the deadline of the agreement (the “Agreement”) referred to in the October 4, 2018 press release as the parties continue to work together to finalize the Agreement. Jamie Kembel, CEO of Blu Tec said, “We are extremely impressed with
Labrador’s team and the Cannaverse platform. We are looking forward to completing this Agreement and further developing our fruitful relationship with Labrador.”
Blu Tec, located in Calgary Alberta Canada, is a software development company centric to the international cannabis industry. Blu Tec is focused on providing solutions to assist in the advancement of operational sophistication in global cannabis companies, while collecting and analyzing industry data. Blu Tec is also focused on providing digital solutions to the industry that impact and improve efficiency on a global scale.
About Labrador Technologies
Labrador Technologies is a Calgary, Alberta based software development firm providing mapbased innovative solutions for industries seeking a visual interpretation of financial reporting. Labrador has expanded its vision beyond Oil & Gas data to focus on cannabis data collection and specialized reporting.
For further information, please contact:
T: (403) 263 6325
E: [email protected]
Click here to view press release on SEDAR.com
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