Closing of First Tranche, Private Placement Extension, Debt Settlements & Debt Forgiveness
Closing of First Tranche, Private Placement Extension, Debt
Settlements & Debt Forgiveness
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
or
Dean Stuart
T: (403) 617-7609