24 Jul Cannaverse and Private Placement Announcement
Labrador Technologies Announces Cannaverse and Private Placement
Labrador Technologies Inc. (“Labrador” or the “Corporation”) (TSXV: “LTX”) announces its steady progress into the cannabis vertical, culminating in the initiation of its Cannaverse ecosystem (“Cannaverse”). Cannaverse is purposed to transform the legal cannabis industry. By collecting data from a cross-section of well incented industry participants, and sanitizing the data’s proprietary nature to protect its secrets, Cannaverse’s artificial intelligence will derive unique, actionable insights for consumers, businesses, and medical researchers. As a result, all parties in the cannabis industry can connect through Cannaverse to glean crucial, practical intelligence, while being compensated through its innovative rewards system, which encourages and remunerates valuable data input – the greater the value, the greater the reward.
Accordingly, Labrador is announcing its intention to complete a non-brokered private placement for up to a maximum of 40,000,000 units (the “Units”) at a price of $0.05 per Unit, for aggregate gross proceeds of up to a maximum of $2,000,000 (the “Offering”). Each Unit will consist of one common share (“Share”) and one common share purchase warrant (“Warrant”). Each Warrant entitles the holder thereof to purchase one Share at an exercise price of $0.10 for a period of two (2) years from the date of closing of the Offering. Labrador may pay a cash commission or finder’s fee to qualified non-related parties of up to 9% of the gross proceeds of the Offering, and broker warrants (the “Broker Warrants”) equal to up to 9% of the number of Units sold in the Offering.
Labrador intends to use the gross proceeds of the Offering towards general working capital, including ongoing development for customized Oil & Gas financial visualization, and the development of the Cannaverse software components. Labrador has over three decades of experience managing and reporting on proprietary data, and is well positioned to aggregate, analyze, and visualize the fragmented datasets of the Cannabis industry. Completion of the Offering is subject to regulatory approval including, but not limited to, the approval of the TSX Venture Exchange. The Shares and Warrants issued under the Offering will be subject to a four month hold period from the date of closing.
About Labrador Technologies
Labrador Technologies is a Calgary, Alberta based software development firm providing map-based solutions for industries seeking a visual interpretation of financial reporting. Over the past six months, Labrador has expanded its vision beyond Oil & Gas to include the cannabis industry.
For more information contact:
Ms. Kelby Price
Neither the TSX Venture nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture) accepts responsibility for the adequacy or accuracy of this release.