LAB Research closes $14.2 million rights offering

On September 30, 2009, LAB Research Inc. (TSX: LRI), a Canadian-based global non-clinical contract research organization, announced the successful closing of its previously announced rights offering for total gross proceeds of $14.2 million.

The net proceeds of the rights offering will be used i) for the repayment of a bridge loan from the Solidarity Fund QFL for $0.5 million; ii) to complete the installation of inhalation toxicology equipment for its Canadian site for $2.4 million; and iii) to reduce the Company's long-term debt in Canada by $5 million. The remainder of the proceeds will be used for working capital purposes.

LAB Research was advised in this transaction by Fasken Martineau with a team that included, among others, Michel Boislard, Frédéric Boucher and Caitlin Rose.