Exploration Drilling International Inc.
OTC Bulletin Board : EXDL

Exploration Drilling International Inc.

April 10, 2007 03:30 ET

Exploration Drilling Announces Closing of Private Placement

BLAINE, WASHINGTON--(CCNMatthews - April 10, 2007) - Exploration Drilling International Inc. (OTCBB:EXDL) (the "Company") has closed its previously announced private placement of 1,736,111 units, sold at a price of EUR 0.288 (approx. US $0.38) per unit, for total proceeds of EUR 500,000 (approx. US $432,000). Each unit was comprised of one share of the Company's common stock and one share purchase warrant. Each share purchase warrant entitles the holder to purchase one additional share of the Company's common stock at a price of EUR 0.288 per share for a period of one year from the date of issuance. This private placement was made in reliance on the provisions of Regulation S promulgated under the Securities Act of 1934.

The Company paid a finder's fee of 10% of the proceeds in cash, to Rifino International Investment Corp., of Liechtenstein, in consideration of its efforts in arranging the private placement. The Company intends to use the funds provided by the private placement as general working capital and to finance its business operations.

This press release may contain, in addition to historical information, forward-looking statements. These forward-looking statements are based on management's expectations and beliefs, and may involve known and unknown risks and uncertainties and other factors that may cause the actual results to be materially different from the results implied herein. In particular, although the above private placement financings have raised significant funding for the Company, the Company will require substantially more funds in order to complete its business plans for the next twelve months. Even if the Company is able to obtain the funding necessary to complete its business plans, there is no assurance that its business will be successful. To date, the Company has not earned significant revenues, and there are no assurances that the Company will earn significant revenues in the future.

Readers are cautioned not to place undue reliance on the forward-looking statements made in this press release.

EXPLORATION DRILLING INTERNATIONAL INC.

Guenter Thiemann, Chief Financial Officer

Contact Information

  • Exploration Drilling International Inc.
    Guenter Thiemann
    Chief Financial Officer
    (360) 305-5696