04 Oct Announcement of Agreement for $1,000,000 Strategic Investment
Labrador Technologies Inc. (“Labrador” or the “Corporation”) (TSXV: “LTX”) announces it has entered into an agreement (the “Agreement”), with a strategically aligned Calgary-based technology company, Blu Tec Inc. (“BTI”), to purchase the entire amount of Labrador’s private placement of $1 million previously announced on September 17, 2018 (the “Offering”).
Under the terms of the Agreement, BTI has agreed to subscribe for an initial $100,000 consisting of 2,000,000 units (“Units”) at a price of $0.05 per Unit. Each Unit consists of one common share (“Share”) and one common share purchase warrant (“Warrant”). Each Warrant entitles the holder thereof to purchase one common share at an exercise price of $0.10 for a period of two (2) years from the date of closing of the Offering. Subject to standard conditions, including due diligence, BTI will purchase the remaining $900,000 of Units on or before November 16, 2018 (the “Second Tranche”). The terms of the Second Tranche closing will be pursuant to a further agreement, which agreement is expected to contain certain rights in favour of BTI, including the right to appoint a director to the board of Labrador. Closing of the Offering, and all matters ancillary thereto, are subject to the approval of the TSX Venture Exchange. The proceeds will be used by Labrador for general working capital with special emphasis on the development of the Cannaverse software components and ecosystem. BTI, located in Calgary Alberta Canada, is a software development company centric to the international cannabis industry. BTI is focused on providing solutions to assist in the advancement of operational sophistication in global cannabis companies, while collecting and analyzing industry data. BTI is also focused on providing digital solutions to the industry that impact and improve efficiency at a global scale.
Says Labrador CEO Ron Sterne, “Labrador and BTI have extraordinary alignment and synergies. As we look to the future of the Cannabis industry, we believe that partnerships and an international approach are paramount to our ability to achieve the goals we have already set in motion. Our partnership with BTI will help us leverage their cannabis industry experience and apply it to our proven expertise in the collection and secure storage of data.” Labrador also confirms it is not proceeding with the private placement for gross proceeds of $2 million announced on July 24, 2018. The only private placement that Labrador has outstanding is the Offering discussed above in this press release.
About Labrador Technologies
Labrador Technologies is a Calgary, Alberta based software development firm providing map-based solutions for industries seeking a visual interpretation of proprietary financial reporting. Labrador has expanded its vision beyond Oil & Gas data to focus on cannabis data collection and specialized reporting.
For more information contact:
e-mail: [email protected]
Click here to view press release on SEDAR.com
Forward Looking Information
The information in this news release contains certain forward-looking statements. These statements relate to future events, including but not limited to, the closing of the Offering. The actual results or achievement could differ materially from those expressed in, or implied by, such forward-looking statements and, accordingly, no assurances can be given that any of the events anticipated by the forward-looking statements will transpire or occur or, if any of them do, what benefits Labrador will derive from them. These statements are subject to certain risks and uncertainties and may be based on assumptions that could cause actual results to differ materially from those anticipated or implied in the forward-looking statements. The forward-looking statements in this news release are expressly qualified in their entirety by this cautionary statement. Except as required by law, the Labrador undertakes no obligation to publicly update or revise any forward-looking statements.
Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.