LDI Lithoquest Resources Inc

MONCTON, NB, Feb. 10 /CNW/ -- /NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE U.S./ MONCTON, NB, Feb. 10 /CNW/ - Landdrill International Inc. (the "Company") (TSX-V: LDI) today announced that, further to its press release dated January 18, 2011, the Company has closed the first tranche of its "best efforts" private placement financing (the "Offering"). The Company issued 6,350,500 units at a price of C$0.30 per unit, for gross proceeds of C$1,905,150. 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 10, 2012. All securities issued pursuant to the closing of the first tranche of the Offering will be subject to a four-month statutory hold period, which will expire on June 11, 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 first 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 10, 2012. The remaining tranche of the Offering is schedule to close on or about February 15, 2011 and is subject to certain conditions. The securities to be issued under the remaining tranche of 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. About Landdrill 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. Forward-looking information 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 second tranche of the Offering. . 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. To view this news release in HTML formatting, please use the following URL: http://www.cnw.ca/en/releases/archive/February2011/10/c9778.html pRonald Goguenbr/ President and Chief Executive Officerbr/ Landdrill International Inc.br/ (506) 388 - 8961br/ ua href="http://www.landdrill.com/"www.landdrill.com/a/u/p pbRenmark/bbFinancial Communications Inc./bbr/ John Bodiman: a href="mailto:jboidman@renmarkfinancial.com"jboidman@renmarkfinancial.com/abr/ Peter Mahzari: a href="mailto:pmahzari@renmarkfinancial.com"pmahzari@renmarkfinancial.com/abr/ Tel.: (514) 939-3989 or (416) 644-2020br/ a href="http://www.renmarkfinancial.com/"www.renmarkfinancial.com/a/p

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