MONCTON, NB, June 17 /CNW/ - Landdrill International Inc. (TSX.V:LDI) is
pleased to announce that the non-brokered private placement announced on
April 29, 2008, and then increased on May 23, 2008, was accepted for filing by
the TSX Venture Exchange on June 10, 2008. The private placement raised a
total of $3,600,000 before expenses and finder's fees.
In conjunction with this financing, the Company issued a total of
10,909,090 units at a price of $0.33 per unit. Each unit consisting of one
common share and one half of one common share purchase warrant, each whole
warrant being exercisable at a price of $0.45 per share for a period of two
years from the date of closing.
On June 10, 2008 the Company closed on its third and final tranche of the
private placement for the amount of $2,442,000. The first two tranches, in the
cumulative amount of $1,158,000 were closed on May 7 and 9, 2008. The
securities issued are subject to four month hold period trading restriction
and the hold periods for this third tranche will expire October 11, 2008.
A finder's fee in the amount of $105,674 and a finder's option to acquire
320,223 units for $0.33 per unit, expiring October 11, 2010 have been paid on
this third tranche closing.
These monies are being used for general working capital purposes and some
of the proceeds have been used as a down payment on two new drills that the
company acquired in May. These two drills were mobilized to Mexico in late May
and are now deployed in active operations.
Landdrill is a growth oriented international drilling company with a
focus on the metals and minerals industry. The company continues to explore
opportunities for growth in key markets, either through establishment of new
branch offices or through acquisitions as opportunities arise.
For detailed information on Landdrill International Inc., or to request a
bid submission for your project worldwide, please visit our website at
Caution Concerning Forward Looking Statements
This press release includes certain statements that would be deemed
"forward-looking statements". These statements are "forward-looking" because
they are based on current expectations, estimates and assumptions about the
markets the Company operates in, the world economic climate as it relates to
the mining industry, the Canadian economic environment and the Company's
ability to attract and retain customers and to manage its assets and costs.
Actual results could differ materially from expectations if known or
unknown risks affect the business, or if estimates or assumptions turn out to
be inaccurate. The Company does not guarantee any forward-looking statement
will materialize and, therefore, investors are cautioned not to place reliance
on these forward looking statements. The Company disclaims any intention to
update or revise any statement of forward-looking information whether as a
result of new information, future events or otherwise.
On behalf of the Board of Directors,
Ronald Goguen Sr.
President and Chief Executive Officer
Landdrill International Inc.
(506) 388 - 8961
THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT
RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS NEWS RELEASE.
For further information:
For further information: Ronald Goguen Sr., President and Chief
Executive Officer, Landdrill International Inc., (506) 388-8961