LDI Lithoquest Resources Inc

MONCTON, NB, July 29, 2011 /CNW/ -- NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE U.S. MONCTON, NB, July 29, 2011 /CNW/ - Landdrill International Inc. (TSXV:LDI) ("Landdrill" or the "Company") is pleased to announce that it has completed a $3.75 million first closing of its previously announced non-brokered private placement offering of up to $5 million of 10% subordinated unsecured convertible debentures.  The debentures issued upon the first closing are subject to a hold period expiring November 30, 2011.  The Company paid a cash finder's fee of 6% to a finder in respect of $1.25 million of the first closing proceeds. The Company expects to complete one or more additional closings of the offering and the concurrent term debt facility over the next week. 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 54 drills with full branch operations in Canada, Mexico, Mongolia and Russia. Landdrill is a forward looking company that has drilled in Canada, Mexico and Asia.  Our people have drilled at altitudes over 15,000 feet and in temperatures ranging from -50 degrees Celsius to +50 degrees Celsius. We view all our customers as partners in every venture because we know that their success ensures our future! We offer customized drilling programs to meet your every need and we always look forward to our next challenge. For detailed information on Landdrill International Inc., or to request a bid submission for your project, please visit our website at www.landdrill.com 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. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, including, without limitation that all terms of the contracts will be fulfilled in their entirety, such statements are not guarantees of future performance and actual results may differ materially from those in forward looking statements. Factors that could cause the actual results to differ materially from those in forward-looking statements include commodity prices, availability of personnel, materials and equipment, actual performance of equipment and processes relative to specifications and expectations, unanticipated environmental impacts and continued availability of capital and financing and general economic, market or business conditions. 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, except as required by law. 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/July2011/29/c8501.html p align="justify" Ronald Goguenbr/ President and Chief Executive Officerbr/ Landdrill International Inc.br/ (506) 388 - 8961 /p p bRenmark Financial Communications Inc./bbr/ John Boidman: a href="http://www.landdrill.com" cr="true"jboidman@renmarkfinancial.com/abr/ Peter Mahzari: a href="http://www.landdrill.com" cr="true"pmahzari@renmarkfinancial.com/abr/ Tel.: (514) 939-3989 or (416) 644-2020br/ a href="http://www.landdrill.com" cr="true"www.renmarkfinancial.com/a /p

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