NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN
MONCTON, NB, Feb. 24 /CNW/ - Landdrill International Inc. (the
"Company") (TSXV: LDI) today announced that, further to its press
releases dated January 18, 2011, February 10, 2011 and February 17,
2011, the Company has closed the third tranche of its "best efforts"
private placement financing (the "Offering"). The Company issued
632,000 units at a price of C$0.30 per unit, for gross proceeds of
C$189,600. Each unit consists of one common share and one half of one
common share purchase warrant (the "Warrant"). Each whole Warrant
entitles the holder thereof to acquire one common share of the Company
at a price of C$0.45 until August 24, 2012. Including the first and
second tranche of the Offering, the Company issued an aggregate of
31,466,834 units at price of C$0.30 per unit, for aggregate gross
proceeds of C$9,440,050.
All securities issued pursuant to the closing of the third tranche of
the Offering will be subject to a four-month statutory hold period,
which will expire on June 25, 2011.
The syndicate was led by Jennings Capital Inc. and included PowerOne
Capital Markets Limited. The agents received a 7% cash commission and
were issued non-transferable warrants (the "Broker Warrants") to
purchase that number of common shares equal to 3.5% of the number of
units issued pursuant to the third tranche of the Offering. Each Broker
Warrant entitles the holder thereof to purchase one share at an
exercise price of $0.30 per share until August 24, 2012.
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.
To clarify the press release dated February 17, 2011 the Company issued
an aggregate of 24,484,334 units for aggregate gross proceeds of
$7,345,300 in the second tranche.
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 40 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. 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
RenmarkFinancial Communications Inc.
John Bodiman: email@example.com
Peter Mahzari: firstname.lastname@example.org
Tel.: (514) 939-3989 or (416) 644-2020