Exploration Drilling International Inc.
OTC Bulletin Board : EXDL

Exploration Drilling International Inc.

March 27, 2007 03:30 ET

Exploration Drilling Announces Private Placement

BLAINE, WASHINGTON--(CCNMatthews - March 27, 2007) - Exploration Drilling International Inc. (OTCBB:EXDL) (the "Company") announces that it has negotiated a private placement with a corporate investor of 1,736,111 units at a price of EUR 0.288 (approx US $0.38) per unit for total proceeds of EUR 500,000 (approximately US $432,000). Each unit will be comprised of one share of the Company's common stock and one share purchase warrant. Each share purchase warrant will entitle 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 closing. The private placement will be made in accordance with exemptions from applicable securities laws. Closing of the private placement is expected to take place on or before March 31, 2007. There is no assurance that any units will be sold under the offering.

The Company will pay 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.

This Press Release may contain, in addition to historical information, forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements are based on management's expectations and beliefs, and involve risks and uncertainties. These statements 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, in the event the private placement is not completed as contemplated, it may have a significant adverse effect on the liquidity, financial position and assets of the Company, which may affect its ability to complete its business plan.

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

EXPLORATION DRILLING INTERNATIONAL INC.

John Boschert, Secretary

Contact Information

  • Exploration Drilling International Inc.
    John Boschert
    Secretary
    (360) 305-5696