MONCTON, NB, Sept. 28, 2011 /CNW/ - Landdrill International Inc. (TSXV: LDI) ("Landdrill" or the "Company") reports that it has completed their 2011 capital expansion program and
related financings. During the year, Landdrill added 26 drills rigs
and related support equipment for a total cost of approximately $14
These additions include the March 2011 acquisition in Mexico and these
capital assets were fully funded from a combination of debt and equity
raises. In aggregate the Company obtained equipment term loans of $7
million, convertible debentures of $5 million and in February 2011 the
Company also completed their previously announced $9 million equity
raise. The equity raise was used to fund a portion of the
aforementioned cost of new capital assets, the growth to working
capital assets, along with taking out pre-existing loan arrangements.
The Company also announces that Brian Maude LLB, their Corporate
Secretary, has resigned. Derrick West, CA, CFO will be acting as
interim Corporate Secretary and the Board will formally appoint a
replacement in November.
Ron Goguen Sr., the President and CEO of Landdrill said, "I am pleased
to have our capital asset addition program and related financings
completed. The new rigs have been substantially deployed and has
allowed for the Company to achieve company highs for revenues. On
behalf of the Company and its Board of Directors, I would like to thank
Brian for his contributions and we wish him the best in his future
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. The Company now has 57 drills with full branch
operations in Canada, Mexico, Mongolia and Russia.
Landdrill is a forward looking company that has drilled in Canada,
Mexico and Asia. Our people have drilled at altitudes over 15,000 feet
and in temperatures ranging from -50 degrees Celsius to +50 degrees
We view all our customers as partners in every venture because we know
that their success ensures our future!
We offer customized drilling programs to meet your every need and we
always look forward to our next challenge.
For detailed information on Landdrill International Inc., or to request
a bid submission for your project, please visit our website at www.landdrill.com.
This press release may contain forward-looking statements (within the
meaning of applicable securities laws) relating to business of
Landdrill International Inc. (the "Company") and the environment in which it operates. Forward-looking statements
are identified by words such as "believe", "anticipate", "expect",
"intend", "plan", "will", "may" and other similar expressions. These
statements are based on the Company's expectations, estimates,
forecasts and projections. Although the Company believes the
expectations expressed in such forward-looking statements are based on
reasonable assumptions, including, without limitation that all terms of
the contracts will be fulfilled in their entirety, such statements are
not guarantees of future performance and actual results may differ
materially from those in forward looking statements. Factors that could
cause the actual results to differ materially from those in
forward-looking statements include commodity prices, availability of
personnel, materials and equipment, actual performance of equipment and
processes relative to specifications and expectations, unanticipated
environmental impacts and continued availability of capital and
financing and general economic, market or business conditions. These
risks and uncertainties are discussed in the Company's regulatory
filings available at www.sedar.com.
There can be no assurance that forward-looking statements will prove to
be accurate as actual outcomes and results may differ materially from
those expressed in these forward-looking statements. Readers,
therefore, should not place undue reliance on any such forward-looking
statements. Further, a forward-looking statement speaks only as of the
date on which such statement is made. The Company undertakes no
obligation to publicly update any such statement or to reflect new
information or the occurrence of future events or circumstances, 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.
SOURCE LANDDRILL INTERNATIONAL INC.
For further information:
President and Chief Executive Officer
Landdrill International Inc.
(506) 388 - 8961
Renmark Financial Communications Inc.
John Bodiman: email@example.com
Peter Mahzari: firstname.lastname@example.org
Tel.: (514) 939-3989 or (416) 644-2020