Business
Labrador Technologies Closes First Tranche Private Placement for $672,500 and announces Debt Settlement. Advancing proprietary visualization solutions for financial reporting.
(via TheNewswire) Calgary, Alberta / TheNewswire / January 29, 2018 - Labrador Technologie...
About this update from Labrador Resources Inc
[{"type":"text","content":"Labrador Technologies Closes First Tranche Private Placement for $672,500 and announces Debt Settlement. Advancing proprietary visualization solutions for financial reporting.(via TheNewswire)\n\n \nCalgary, Alberta / TheNewswire / January 29, 2018 - Labrador Technologies Inc. (\"Labrador\" or the \"Corporation\") (TSXV: \"LTX\") announces that it has closed the first tranche totalling $672,500 CDN of the previously announced non-brokered Private Placement (\"Financing\") at a price of $0.05 per unit (\"Unit\"). Proceeds from this Financing will be used to advance the Corporation's proprietary visualization solutions for financial reporting. As well, proceeds will enable the Corporation, in conjunction with its share capital, to pursue and energetically explore synergistic fits in other industries for its technology and infrastructure by acquisition, partnering, or joint-venture. Labrador's proven expertise with mapping and financial reporting on big data in the Oil & Gas Industry provides a means to work collaboratively in other lucrative and exciting sectors. \n\n\n \nIn conjunction with this first tranche closing, the Corporation has issued 13,450,000 Units, each unit consisting of one (1) common share (\"Share\") and one (1) common share purchase warrant (\"Warrant\"), with an exercise price of $0.10 for a period of two (2) years. Common shares and warrants issued in this Financing are subject to a four-month hold period.\n\n\n \nThe Corporation also announces that in connection with the Financing, an aggregate of $47,025 in finder's fees and 940,500 broker warrants were issued to eligible finders pursuant to the terms of the offering. The broker warrants are exercisable for two years, with an exercise price of $0.05.\n\n\n \nThe Corporation also announces that it has entered into settlement agreements with four creditors, pursuant to which the Company will issue 10,671,240 Shares at a price of $0.05 per Share, in satisfaction of $533,562 of indebtedness currently owed to the creditors (the \"Debt Settlement\"). The creditors will include H. Ronald Sterne, the President, Chief Executive Officer and a Director of the Company. The Shares will be issued upon acceptance by the TSX Venture Exchange and approval by the Directors of the Corporation. The Shares issued in satisfaction of the indebtedness will be subject to a four...