Calgary, Alberta / TheNewswire / April 12, 2019 – Labrador Technologies Inc. (“Labrador” or the “Corporation“) (TSXV: “LTX”) announces that it has closed the first tranche (“First Tranche“) totaling $25,000 of its previously announced non-brokered private placement (the “Private Placement“) at a price of $0.01 per unit (“Unit“). The principal purpose of the proceeds of the Private Placement will be to maintain and preserve Labrador’s existing operations, activities and assets.
In connection with the closing of the First Tranche, the Corporation has issued 2,500,000 Units, each unit consisting of one (1) common share (“Share“) and one half (1/2) of one common share purchase warrant (“Warrant“). Each whole Warrant entitles the holder thereof to purchase one Share at an exercise price of $0.05 for a period of two (2) years from the date of closing of the First Tranche.
The Corporation is also pleased to announce that it has been granted an extension from the TSX Venture Exchange (“TSXV“) for the closing of the Private Placement until May 11, 2019 under the same terms as previously announced in the Corporation’s press release dated February 21, 2019.
The Corporation also announces that it has entered into settlement agreements with certain creditors of the Corporation (the “Creditors“), pursuant to which the Corporation will issue 300,300 Shares at a price of $0.05 per Share to the Creditors, in satisfaction of $15,015 of indebtedness currently owed to the Creditors (the “Debt Settlement“). The issuance of the Shares is subject to all necessary approvals, including the approval of the TSXV. The Shares issued in satisfaction of the indebtedness will be subject to a four month hold period from the date of their issuance.
In addition, the Corporation is pleased to announce that it has entered into debt forgiveness agreements for the forgiveness of certain trade payables due to third parties amounting to $184,611.
The Board continues to pursue initiatives to restructure the Company’s remaining debt and is actively engaged in monetizing current assets and evaluating future investment opportunities.
About Labrador Technologies
Labrador Technologies is a Calgary, Alberta based software development firm providing map-based innovative solutions for industries seeking a visual interpretation of financial reporting. Labrador has expanded its vision beyond Oil & Gas data to focus on cannabis data collection and specialized reporting.
Forward-Looking Statements Certain information in this press release may constitute forward looking information within the meaning of securities laws. All statements, other than statements of historical fact, are statements that could be deemed forward-looking statements, including statements containing the words “proposed”, “process,” “expects,” “explore,” and other similar words. These statements are based on the current estimates and assumptions of our management as of the date of this press release and are subject to risks, uncertainties, changes in circumstances and other factors that may cause actual results to differ materially from the information expressed or implied by forward-looking statements made in this press release. Examples of such statements include statements regarding potential strategic alternatives. Given these uncertainties, you should not place undue reliance on the forward-looking statements in this press release. 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 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.
For further information, please contact:
Kaan Camlioglu, Interim Chief Executive Officer
T: (403) 818-1091
T: (403) 617-7609