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Cabo Increases Private Placement to $2.525 Million

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 (½) 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 (½) 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; Montréal, 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.
 


Last Updated: 03/14/2011