CABO INCREASES PRIVATE PLACEMENT TO
$2.525 MILLION
North
Vancouver, BC: Cabo Drilling Corp. (the
"Company") (TSX-V: CBE) announces it has increased its
recently announced private placement from $1.5 million announced
February 16, 2011, to $2.525 million. The fully subscribed
placement was offered to accredited investors in Canada and
internationally. The Company will pay a finder's fee comprised of
cash and broker unit warrants on a portion of the placement. Each
$0.20 unit is comprised of one (1) common share and one half (�)
non-transferable share purchase warrant, each full warrant entitling
the holder to purchase an additional common share in the capital stock
of the Company for $0.25 for a period of two years from the date of
issue.
Broker unit
warrants will be exercisable for a period of two years from the date of
issue and will entitle the holder to acquire one broker unit for $0.20,
each broker unit to be comprised of one share and one half (�) ordinary
share purchase warrant, each full warrant exercisable for a period of
two years from the date of issue of the original broker unit warrants
on the same terms as the ordinary placement warrants described
above.
Common shares
issued in connection with the private placement, including those issued
upon exercise of warrants, are subject to a four month hold period from
the date of issue.
About Cabo Drilling Corp. (TSX-V: CBE)
Cabo Drilling Corp. is a
drilling services company headquartered in North Vancouver, British
Columbia, Canada. The Company provides mining related and specialty
drilling services through its Canadian divisions in Surrey, British
Columbia; Montr�al, Quebec; Kirkland Lake, Ontario; and Springdale,
Newfoundland; and internationally through Cabo
Drilling (Panama) Corp. of Panama, Republic of Panama; Cabo Drilling Spain S.L. of Sevilla,
Spain; Balkan States Drilling SH.P.K. of
Tirana, Albania; and Cabo Drilling
(International) Inc. The Company's common shares trade on the
Frankfurt Exchange under the symbol: DHL and on the TSX Venture
Exchange under the symbol: CBE.
ON BEHALF OF THE
BOARD
"John A. Versfelt"
John A. Versfelt
President and CEO
Further
information about the Company can be found on the Cabo
website (http://www.cabo.ca) and SEDAR (www.sedar.com) or by contacting
Sheri Barton, Corporate Communications at 403-217-5830 or Mr. John A. Versfelt, Chairman, President & CEO of the
Company at 604-984-8894. For general investor relation inquiries
you may also contact Renmark Financial
Communications Inc. Barbara Komorowski:
bkomorowski@renmarkfinancial.com or Dan Symons:
dsymons@renmarkfinancial.com at Tel: 514-939-3989 or 416-644-2020.
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The TSX
Venture Exchange does not accept responsibility for the adequacy or
accuracy of this release. This news release may contain
forward-looking statements including but not limited to comments
regarding the timing and content of upcoming work programs, geological
interpretations, potential mineral recovery processes and other
business transactions timing. Forward-looking statements address
future events and conditions and therefore, involve inherent risks and
uncertainties. Actual results may differ materially from those
currently anticipated in such statements.
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