CABO
GIVES NOTICE OF ACCELERATION OF WARRANTS’ EXPIRY TIME
North Vancouver, BC – July 20, 2007 -
Effective July 20, 2007, Cabo Drilling Corp. (TSX-V:CBE)
(“Cabo” or the “Company”) gives notice to all
holders of warrants issued pursuant to the private placement (the
“Warrants”) announced November 23, 2006 and closed December 29,
2006 and January 9, 2007 (the “Private Placement”) that the
Expiry Time of the Warrants, for each Warrant Holder, is accelerated to
4:30 PM Pacific Standard Time, August 20, 2007, as to fifty percent (50%)
of the Warrants, and to 4:30 PM Pacific Standard Time, October 31, 2007, as
to the remaining fifty percent (50%) of the Warrants.
Pursuant to
the terms and conditions of the Warrants, the Exercise Period of the
Warrants, as defined therein may be reduced, and the Expiry Time, also
defined in the Warrants, may be changed, at the discretion of the Company,
if the Current Market Price (defined in the Warrants) of the
Company’s shares is at least $0.60 per share for twenty (20)
consecutive trading days, by the Company giving notice of the same to the
Holders of the Warrants, provided such reduced Exercise Period expires not
less than twenty (20) trading days from the date of such notice. Notice
may be given by the Company disseminating a news release to such effect,
this being such news release, filing such news release on SEDAR (completed
July 20, 2007) and giving notice to any agent involved in selling Warrants
to a Holder (done).
The
Company’s shares have traded and closed on the TSX Venture Exchange
at $0.60 per share or higher for 26 consecutive trading days since June 13,
2007.
The total
number of outstanding Warrants, exercisable at $0.50 per share, is
8,663,867. Provided that all Warrants are exercised the Company will
receive $4,331,933. These funds will be used to reduce certain Company
debts and for working capital.
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; Montréal, Quebec; Kirkland Lake, Ontario; and
Springdale, Newfoundland; as well as Cabo Drilling de Mexico S.A. de C.V.
of Hermosillo, Sonora, Mexico; Cabo Drilling (Panama) Corp. of Panama,
Republic of Panama; and Cabo Drilling Spain S.L. of Sevilla, Spain. The
Company’s common shares trade on the TSX Venture Exchange under the
symbol: CBE.
ON BEHALF OF THE BOARD
“John A. Versfelt”
John A. Versfelt
Chairman, 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
Investor Relations Ms. Sheri Barton at 403-217-5830 or Mr. John A.
Versfelt, Chairman, President & CEO of the Company at
604-984-8894.
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.------------------------------
CONTACT:
John
A. Versfelt, Chairman,
President
and CEO web
site: www.cabo.ca
Telephone: (604)
984-8894 Facsimile: (604) 983-8056 e-mail: ir@cabo.ca
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