Deal funds expansion of eTriever market launch in oil and gas industry
By Devika Patel
Knoxville, Tenn., Aug. 29 - Labrador Technologies Inc. said it settled a C$1.02 million non-brokered private placement of units. The oversubscribed deal priced for C$1 million on Aug. 18.
The company sold 20.3 million units of one common share and one warrant at C$0.05 per unit.
Each three-year warrant will be exercisable at C$0.10. The strike price is a 53.85% premium to the Aug. 17 closing share price of C$0.065.
Proceeds will be used for expanding eTriever's market launch into all sectors of the oil and gas industry, increasing and broadening eTriever research and development and enhancing the Labrador Tools as well as for general working capital.
"The response to this financing has been unprecedented for the company," chief executive officer Ron Sterne said in a press release Monday. "Although we are disappointed that all potential investors could not be included, we know that ongoing progress and proven results will continue to earn investor interest in Labrador Technologies."
Calgary, Alta.-based Labrador researches, develops and markets data retrieval technology.
| Issuer: | Labrador Technologies Inc.
|
| Issue: | Units of one common share and one warrant
|
| Amount: | C$1,015,000
|
| Units: | 20.3 million
|
| Price: | C$0.05
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | Three years
|
| Warrant strike price: | C$0.10
|
| Agent: | Non-brokered
|
| Pricing date: | Aug. 18
|
| Stock symbol: | TSX Venture: LTX
|
| Stock price: | C$0.07 at close Aug. 18
|
| Market capitalization: | C$4.21 million
|
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