Landdrill International Inc. Closes First Tranche of Private Placement

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.


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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:[e-mail]"[e-mail]/abr/ Peter Mahzari: a href="mailto:[e-mail]"[e-mail]/abr/ Tel.: [phone] or [phone]br/ a href="http://www.renmarkfinancial.com/"www.renmarkfinancial.com/a/p

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