Labrador Announces Closing of Shares for Debt Transaction
Calgary, Alberta / TheNewswire / September 29, 2017 - September 29, 2017 -- Labrador Technologies Inc. (TSX Venture: LTX) ("Labrador" or the "Company") announces that, pursuant to its previously announced shares for debt transaction, it has issued 33,339,647 common shares in the capital of the Company ("Common Shares"), at a price of $0.05 cents per share, in satisfaction of $1,666,982.38 of indebtedness owed to certain creditors.
The Company determined to satisfy the indebtedness with Common Shares in order to preserve its cash for use on its wellTriever™ & mapTriever™ software, to work with its strategic partners, and for general working capital. The Common Shares are subject to a four month hold period from the date of issuance.
There are currently 145,265,784 Common Shares issued and outstanding.
Labrador® specializes in secure, web-based data retrieval software that maps and visualizes Oil & Gas data on computers, tablets, and smartphones.
For further information, please contact:
H. Ronald Sterne
President & Chief Executive Officer
Labrador Technologies Inc.
Telephone: (403) 263-6325
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