Landdrill International Inc. Closes Second Tranche of C$9.3 million Private Placement

MONCTON, NB, Feb. 17 /CNW/ -- 
/NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN
 THE U.S./


MONCTON, NB, Feb. 17 /CNW/ - Landdrill International Inc. (the "Company") (TSXV: LDI) today announced that, further to its press releases dated
 January 18, 2011 and February 10, 2011, the Company has closed the
 second tranche of its "best efforts" private placement financing (the
 "Offering"). The Company issued 24,651,334 units at a price of C$0.30
 per unit, for gross proceeds of C$7,395,400. Including the first
 tranche of the Offering, the Company issued 31,001,834 units at price
 of C$0.30 per unit, for aggregate gross proceeds of C$9,300,550. 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 17, 2012.


All securities issued pursuant to the closing of the second tranche of
 the Offering will be subject to a four-month statutory hold period,
 which will expire on June 18, 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 second 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 17, 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.


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 38 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. 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/ a href="http://www.landdrill.com"www.landdrill.com/a/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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