Labrador Technologies Inc. Announces Final Closing of Fully Subscribed Private Placement
March 29, 2011
Labrador Technologies Inc. (“LTI” or “Labrador” – TSX Venture: LTX) is pleased to announce the closing of the third and final tranche of its previously announced 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 Offering was fully subscribed and Labrador raised total gross proceeds of $750,000 under the Offering.
The third tranche consisted of 2,500,000 Common Shares for gross proceeds of $125,000. The proceeds from the Offering will be used for expanding the current successful eTriever market launch (please see Press Release: http://press.ihs.com/press-release/energypower/new-etriever-release-enables-fast-mobile-access-ihs-canadian-energy-data ) 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.
In connection with the closing of the third tranche, an arm's length party was paid a cash commission of $5,000 and received 100,000 Common Shares in lieu of cash commission. All securities issued under the closing of the third tranche of the Offering are subject to a statutory hold period until July 30, 2011. The Offering is subject to receipt of all necessary regulatory approvals.
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™.
For further information, please contact:
Ronald Sterne President Labrador Technologies Inc.
Telephone: (403) 263-6325
Advisory
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)