Labrador Technologies Closes Private Placement
May 22nd, 2007 - Calgary, Alberta - Labrador Technologies Inc. (“LTI”) (LTX:TSX.V),. has closed its non-brokered private placement at 45 cents per unit. As of the closing, LTI has issued 803,556 units at a price of 45 cents per unit ($361,600.20). Each unit consists of one common share, plus one common share purchase warrant of LTI. Each warrant entitles the holder to acquire one additional common share of LTI at a price of 55 cents per share, for a period of 12 months following the closing date of the private placement.
The common shares and warrants issued in connection with this private placement are subject to a four-month-and-one-day hold period, pursuant to applicable securities legislation and the policies of the TSX Venture Exchange. The hold period expires on Sept. 20, 2007.
Proceeds of this financing will be used by LTI for general working capital, and for further enhancement and marketing of its eTriever and Labrador oil and gas data retrieval products.
About Labrador
Labrador Technologies Inc. is in its 26th year of creating Labrador “connections” between the data stores that companies invest in, and the destinations which they choose for their data. LTI develops data retrieval, reporting, and exporting software, specializing in Data-Flow Management™ solutions, currently for the oil and gas industry.
Whether delivering data to a Labrador® application, a third party application, an enterprise service bus, or a portal, Labrador has the ability to retrieve and deliver data to the right place, at the right time. Labrador’s DFM™ software and services help software vendors, data vendors, and company developers alike deliver data to their target audiences by “plugging” users in, and minimizing the need for costly, ongoing maintenance and intervention.
Labrador (www.labradortechnologies.com) trades on the TSX Venture under the symbol “LTX.”
For further information, please contact:
Patricia Merkel
General Manager
Labrador Technologies Inc.
Telephone: (403) 263-6325
The TSX Venture Exchange Inc. does not accept responsibility for the adequacy and accuracy of this release.
(Not for dissemination in the United States of America)