Labrador Technologies Terminates Private Placement and closes Debt Settlement
Calgary, Alberta / TheNewswire / February 9, 2018 – Labrador Technologies Inc. ("Labrador" or the "Corporation") (TSXV: “LTX”) announces that further to the closing on January 29, 201 8, it has terminated any further proceeds under the non-brokered Private Placement (“Financing”) and an aggregate of $672,500 at a price of $0.05 per unit (“Unit”) was raised in the Financing.
The Corporation also announces the TSX Venture Exchange has accepted the filing for the Corporation’s proposal to issue 8,514,567 shares at a price of $0.05 per share to settle outstanding debt of $425,728.41. The settlements include H. Ronald Sterne, the President, Chief Executive Officer and a Director of the Company. Mr. Sterne settled an aggregate of $132,408.52 of outstanding debt, for an aggregate of 2,648,170 Shares. The Debt Settlement is a "related party transaction" within the meaning of Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions ("MI 61-101"). The Debt Settlement is exempt from the valuation requirement of MI 61-101 by virtue of the exemptions contained in; (i) Section 5.5(a) of MI 61-101 in that the fair market value of the Debt Settlement did not exceed 25% of the Company's market capitalization; and (ii) Section 5.7 (1)(a) as the fair market value of the Debt Settlement did not exceed 25% of the Company's market capitalization. As the Debt Settlement was filed less than 21 days before the transaction, there is a requirement under MI 61-101 to explain why the shorter period was reasonable or necessary in the circumstances. In the view of the Company it was necessary to immediately close the Debt Settlement and therefore, such shorter period was reasonable and necessary in the circumstances to improve the Company's financial position
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.
For further information, please contact:
T: (403) 263 6325
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