Big Volume Today for Location Based Tech (OTC:LBAS): +9%

Chicago, IL 8/12/2011 (PennyPayDay) – Location Based Technologies, Inc. (OTC:LBAS) recently announced, in a press release, that it has closed a private placement of 50,000,000 shares of its common stock. LBAS is one of the volume leaders today from the smallcap space. As I write, shares of the Company were up 9 percent at $0.97 per share on volume of nearly 2 million shares.

The securities were sold to institutional and accredited investors at a price of $0.20 per share. Craig-Hallum Capital Group LLC and Think Equity LLC acted as placement agents for this transaction. The net proceeds to the company from the sale of these shares, after deducting the placement agent fees and estimated offering expenses, are estimated to be approximately $8,998,500.00.

“We are very excited to close this private placement. The proceeds will be used to fund our growth opportunities going forward and are expected to allow us to meet our launch timeline,” said Dave Morse, Chief Executive Officer.

Location Based Technologies, headquartered in Irvine, CA, designs and develops leading-edge personal locator GPS devices and services that incorporate patented, proprietary technologies designed to enhance and enrich the way businesses and families interact globally.

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