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MONCTON, NB, Jan. 18 /CNW/ - Landdrill International Inc. (the "Company") (TSX-V: LDI) is pleased to announce that it has engaged a syndicate
of agents led by Jennings Capital Inc. and including PowerOne Capital
Markets Limited to proceed with a private placement offering of up to
C$10 million of units on a "best efforts basis" at a price of C$0.30
per unit (the "Offering"). Each unit will consist of one common share and one half of one
common share purchase warrant (the "Warrant"). Each whole Warrant will entitle the holder to purchase one common
share for an exercise price of C$0.45 for 18 months following
completion of the Offering.
Proceeds of the Offering will be used for repayment of debt and general
The Offering is scheduled to close on or about January 31, 2011 and is
subject to certain conditions including, but not limited to, the
receipt of all necessary approvals including the approval of the TSX
Venture Exchange. The securities to be issued under the Offering will
be offered in all the provinces of Canada by way of private placement
exemptions, and offshore, including in the United Kingdom, pursuant to
applicable exemptions and in the United States on a private placement
basis pursuant to exemptions from the registration requirements of the United States Securities Act of 1933, as amended (the "U.S. Securities Act").
The securities offered have not been and will not be registered under
the U.S. Securities Act, as amended, or any state securities laws, and may not be offered or
sold in the United States absent registration or an applicable
exemption from such registration requirements. This press release shall
not constitute an offer to sell or the solicitation of an offer to buy
the securities in the United States or in any jurisdiction in which
such offer, sale or solicitation would be unlawful.
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 36 drills with full branch
operations in Canada, Mexico, Mongolia and Russia.
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 and include statements in respect
of the timing for completion of the Offering, the use of proceeds and
the exercise of the over-allotment option. These statements are based
on the Company's expectations, estimates, forecasts and projections.
They are not guarantees of future performance and involve risks and
uncertainties that are difficult to control or predict. 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.
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: firstname.lastname@example.org
Peter Mahzari: email@example.com
Tel.: (514) 939-3989 or (416) 644-2020