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.