CALGARY, AB / ACCESSWIRE / November 15, 2021 / Labrador Technologies Inc. (the "Corporation" or "Labrador") (TSXV:LTX) is pleased to announce as follows:
Private Placement
The Corporation intends to complete an arm's length private placement of common shares for gross proceeds of $30,000 from its treasury at a price of $0.01 per common share (the "Private Placement"). The Private Placement will be non- brokered and the Corporation does not expect that commissions will be payable on the subscriptions nor will any warrants be associated with the Private Placement. Proceeds from the Private Placement will be used to pay outstanding payables to bring the Corporation current with its transfer agent and the TSX Venture Exchange ("TSXV"). The remainder will be utilized to fund the costs associated with the calling and holding of an annual and special meeting of the shareholders of the Corporation. Any remaining funds, if any, will be utilized to fund the commencement of the Corporation's annual audit.
Closing of the Private Placement is expected to occur within 10 days subject to the Corporation having first received conditional acceptance of the Private Placement from the TSXV.
The securities issued pursuant to the Private Placement will be subject to a four month and one day hold period.
Annual and Special Meeting
The Corporation announces that it has commenced the steps required to hold an annual and special meeting of its shareholders which has been scheduled for December 21, 2021.
Director Appointment
The Corporation announces that Mr. Kaan Camlioglu has been appointed to its board of directors effective immediately. Mr. Camlioglu has been the Interim CEO of the Corporation since January 2019 and has focused on restructuring and recapitalization efforts.
About Labrador
Labrador's common shares are listed on the TSX-V under the symbol "LTX" and have been halted since the announcement of an RTO transaction on July 16, 2021 which did not close. For further information on Labrador please visit Sedar.com.
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Cautionary Note Regarding Forward-Looking Statements
This news release includes certain "forward-looking statements" under applicable Canadian securities legislation. Forward-looking statements include, but are not limited to the use of proceeds and obtaining conditional acceptance of the Private Placement from the TSX Venture Exchange.
Forward-looking statements are necessarily based upon a number of assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Accordingly, readers should not place undue reliance on forward-looking statements. Labrador disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
For further information, please contact:
Kaan Camlioglu
Interim CEO, Labrador Technologies Inc.
Phone: (403) 818 1091
Email: [email protected]
SOURCE: Labrador Technologies Inc.