Labrador Technologies Inc. Announces Private Placement Financing
February 22, 2011 - Calgary, Alberta
Labrador Technologies Inc. (“LTI” or “Labrador” - TSX Venture: LTX) announces a non-brokered private placement (the “Offering”) for up to 15,000,000 common shares of Labrador (“Common Shares”), at a price of $0.05 per Common Share, for proceeds of up to $750,000.
The proceeds of the Offering will be used for expanding the current successful eTriever market launch into all sectors of the Oil & Gas industry, for increasing and broadening eTriever R&D, and for general working capital. This critical eTriever deployment phase will be bolstered significantly by LTI’s logical growth and extension with its partners into accessing data from proprietary databases, a stronghold of Labrador expertise.
The Offering is subject to receipt of all necessary regulatory approvals. The securities issued pursuant to the Offering will be subject to a four month hold period from the date of the closing of the Offering. The Offering is being undertaken on a non-brokered basis; however, LTI may pay a cash finder's fee of 8% to qualified persons pursuant to available securities laws exemptions.
Labrador® eTriever is a secure, web-based, generic data retriever, which thrives in complex database environments such as the Oil & Gas industry. eTriever™ goes well beyond conventional methods of oil and gas data retrieval to provide wireless data access using such devices as the BlackBerry™, the iPhone™, and the iPad™.
The Private Placement is subject to regulatory approval of the TSX Venture Exchange Inc. Labrador (www.labradortechnologies.com) trades on the TSX Venture under the symbol “LTX.”
For further information, please contact:
Labrador Technologies Inc.
Telephone: (403) 263-6325
Certain information regarding Labrador set forth in this news release, including the closing of the Increased Offering, the use of proceeds of the Offering 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 the 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.
(Not for dissemination in the United States of America)