Tuscany International Drilling Inc.

Tuscany International Drilling Inc.

June 24, 2010 09:00 ET

Tuscany International Drilling Inc. Announces Amendment to Expiry Term of Certain Unlisted Warrants

CALGARY, ALBERTA--(Marketwire - June 24, 2010) - Tuscany International Drilling Inc. (the "Corporation") announces that the Corporation has obtained the requisite approval from the Toronto Stock Exchange (the "TSX") to amend the expiry date of an aggregate of 3,512,430 unlisted warrants of the Corporation, held by non-insiders of the Corporation, that were issued on December 15, 2009 and February 16, 2010 at an exercise price of US$1.50.

The amendment will remove the "liquidity event" early expiry provisions of such unlisted warrants that were triggered on the completion of the Corporation's plan of arrangement with CHEQ-IT Ltd. on April 16, 2010 and the listing of the Corporation's securities on the TSX on April 19, 2010, and will result in 1,296,250 of the warrants having an expiry date of December 15, 2010 and 2,216,180 of the warrants having an expiry date of February 16, 2011 (subject to "conversion event" early expiry provisions of the warrants that are triggered upon the closing of a brokered or non-brokered equity offering at a purchase price of at least US$2.00 per share for gross proceeds of at least US$10,000,000). 

The amendment is effective July 9, 2010 and is being made to provide the holders of such warrants with a reasonable amount of time to derive value from their warrants in light of the unanticipated speed in which the Corporation completed a "liquidity event" after the issuance of such warrants and to enable the Corporation to source capital, if and when such warrants are exercised, from existing securityholders without having to incur the expense of accessing the public or other markets.

About Tuscany

Tuscany, a corporation headquartered in Calgary, Alberta, is engaged in the business of providing contract drilling and work‐over services along with equipment rentals to the oil and gas industry. The Company is currently focused on providing services to oil and natural gas operators in South America. Tuscany has operating centers in Bogota, Colombia and Quito, Ecuador and is registered to operate in Brazil and Peru. 

The Toronto Stock Exchange has not reviewed, nor does it accept responsibility for the adequacy or accuracy of this release.

Contact Information

  • Tuscany International Drilling Inc.
    Walter Dawson
    Chairman and CEO
    (403) 265-8258
    (403) 265-8793 (FAX)
    or
    Tuscany International Drilling Inc.
    Reg Greenslade
    President
    (403) 265-8258
    (403) 265-8793 (FAX)
    or
    Tuscany International Drilling Inc.
    Bruce Moyes
    CFO
    (403) 265-8258
    (403) 265-8793 (FAX)
    or
    Tuscany International Drilling Inc.
    100, 522-11th Avenue S.W.
    Calgary, Alberta