Drilling services company to fund debt repayment, corporate purposes
By Devika Patel
Knoxville, Tenn., Jan. 18 - Landdrill International Inc. said it will conduct a private placement of units. The deal will raise C$10 million through a syndicate of agents led by Jennings Capital Inc. and including PowerOne Capital Markets Ltd.
The company will sell units of one common share and one half-share warrant at C$0.30 per unit on a best-efforts basis. Each whole warrant is exercisable at C$0.45 for 18 months. The strike price reflects a 36.36% premium to the Jan. 17 closing share price of C$0.33.
Settlement is expected Jan. 31.
Proceeds will be used for debt repayment and general corporate purposes.
Landdrill, based in Moncton, N.B., is a drilling services company.
| Issuer: | Landdrill International Inc.
|
| Issue: | Units of one common share and one half-share warrant
|
| Amount: | C$10 million
|
| Price: | C$0.30
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | 18 months
|
| Warrant strike price: | C$0.45
|
| Agents: | Jennings Capital Inc. (lead), PowerOne Capital Markets Ltd.
|
| Pricing date: | Jan. 18
|
| Settlement date: | Jan. 31
|
| Stock symbol: | TSX Venture: LDI
|
| Stock price: | C$0.33 at close Jan. 17
|
| Market capitalization: | C$14.19 million
|
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