Labrador Technologies Inc. Announces Closing of Private Placement

CALGARY, AB / ACCESSWIRE / November 29, 2021 / Labrador Technologies Inc. (the "Corporation" or "Labrador") (TSXV:LTX) is pleased to announce that on November 26, 2021, the Corporation completed its previously announced 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 Corporation did not pay any commissions on the subscriptions nor were any warrants issued in connection 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. Remaining funds, if any, will be utilized to fund the commencement of the Corporation's annual audit.

The Private Placement remains subject to the final acceptance of the TSXV and the securities issued pursuant to the Private Placement are subject to a four month and one day hold period.

About Labrador

Labrador's common shares are listed on the TSX-V under the symbol "LTX" and have been halted since the announcement of a proposed RTO transaction on June 28, 2020 which was mutually terminated on July 16, 2021. 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 final 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: kcamlioglu@icloud.com

SOURCE: Labrador Technologies Inc.