Labrador Technologies Announces Agreement for $1,000,000 Strategic Investment
Labrador Technologies Announces Agreement for $1,000,000 Strategic Investment
Calgary, Alberta October 4, 2018 – Labrador Technologies Inc. ("Labrador" or the "Corporation") (TSXV: "LTX")
announces it has entered into an agreement (the “Agreement”), with a strategically aligned Calgary-based
technology company, Blu Tec Inc. (“BTI”), to purchase the entire amount of Labrador’s private placement of $1
million previously announced on September 17, 2018 (the “Offering”).
Under the terms of the Agreement, BTI has agreed to subscribe for an initial $100,000 consisting of 2,000,000 units
(“Units”) at a price of $0.05 per Unit. Each Unit consists of one common share ("Share") and one common share
purchase warrant ("Warrant"). Each Warrant entitles the holder thereof to purchase one common share at an
exercise price of $0.10 for a period of two (2) years from the date of closing of the Offering. Subject to standard
conditions, including due diligence, BTI will purchase the remaining $900,000 of Units on or before November 16,
2018 (the “Second Tranche”). The terms of the Second Tranche closing will be pursuant to a further agreement,
which agreement is expected to contain certain rights in favour of BTI, including the right to appoint a director to
the board of Labrador. Closing of the Offering, and all matters ancillary thereto, are subject to the approval of the
TSX Venture Exchange. The proceeds will be used by Labrador for general working capital with special emphasis
on the development of the Cannaverse software components and ecosystem.
BTI, located in Calgary Alberta Canada, is a software development company centric to the international cannabis
industry. BTI is focused on providing solutions to assist in the advancement of operational sophistication in global
cannabis companies, while collecting and analyzing industry data. BTI is also focused on providing digital solutions
to the industry that impact and improve efficiency at a global scale.
Says Labrador CEO Ron Sterne, “Labrador and BTI have extraordinary alignment and synergies. As we look to the
future of the Cannabis industry, we believe that partnerships and an international approach are paramount to our
ability to achieve the goals we have already set in motion. Our partnership with BTI will help us leverage their
cannabis industry experience and apply it to our proven expertise in the collection and secure storage of data.”
Labrador also confirms it is not proceeding with the private placement for gross proceeds of $2 million announced
on July 24, 2018. The only private placement that Labrador has outstanding is the Offering discussed above in this
press release.
About Labrador Technologies
Labrador Technologies is a Calgary, Alberta based software development firm providing map-based solutions for
industries seeking a visual interpretation of proprietary financial reporting. Labrador has expanded its vision
beyond Oil & Gas data to focus on cannabis data collection and specialized reporting.
For more information contact:
Ronald Sterne
T: 403-263-6325; e-mail: [email protected]
Reader Advisories
Forward Looking Information
The information in this news release contains certain forward-looking statements. These statements relate to
future events, including but not limited to, the closing of the Offering. The actual results or achievement could
differ materially from those expressed in, or implied by, such forward-looking statements and, accordingly, no
assurances can be given that any of the events anticipated by the forward-looking statements will transpire or
occur or, if any of them do, what benefits Labrador will derive from them. These statements are subject to
certain risks and uncertainties and may be based on assumptions that could cause actual results to differ
materially from those anticipated or implied in the forward-looking statements. The forward-looking statements
in this news release are expressly qualified in their entirety by this cautionary statement. Except as required by
law, the Labrador undertakes no obligation to publicly update or revise any forward-looking statements.
Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of
the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.