International Enexco Closes CDN$2.5 Million Non-Brokered Private Placement
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 11/01/11 -- International Enexco Ltd. (TSX VENTURE: IEC)(OTCQX: IEXCF)(FRANKFURT: IE6) (the 'Company' or 'Enexco') is pleased to announce that it has closed its previously announced financing, raising gross proceeds of a non-brokered private placement of 6,250,000 units (each a 'Unit') at a price of $0.40 per Unit for aggregate proceeds of CDN$2,500,000.
Each Unit is comprised of one common share and one half of one share purchase warrant. Each 'whole' share purchase warrant (a 'Warrant') entitles the holder to acquire one additional common share for a period of two years at a price of $0.60. Upon the completion of a four month period commencing from the date of issuance, the Warrants will be subject to accelerated conversion within 30 days of the Company disseminating a press release providing notice of same, in the event the shares of the Company close at over $0.90 for 10 consecutive trading days. All securities issued in the placement are subject to a hold period expiring March 1, 2012.
The proceeds from the private placement will be used for the exploration and development of the Contact Copper project in Nevada, and for general working capital.
The Company paid $102,250 in finder's fees in connection with this closing.
A finder's fee may be paid in relation to this financing, in accordance with regulatory policies. The foregoing is subject to regulatory approval.
About International Enexco Ltd.
International Enexco Ltd is a North American exploration and development company focused on the feasibility stage Contact Copper Project in northern Nevada. The Company also pursues gold and silver exploration in Idaho and Nevada, and is advancing the Mann Lake Uranium Project located in Saskatchewan's prolific Athabasca basin. This project is a joint venture with Cameco as operator and Areva-two of the world's largest uranium companies.
On behalf of the Board of Directors, I look forward to keeping you updated with our corporate developments.
G. Arnold Armstrong, President & CEO
Certain information regarding the Company including management's assessment of future plans and operations, may constitute forward-looking statements under applicable securities laws and necessarily involve risks associated with mining exploration and development, volatility of prices, currency fluctuations, imprecision of resource estimates, environmental and permitting risks, access to labour and services, competition from other companies and ability to access sufficient capital. As a consequence, actual results may differ materially from those anticipated in the forward-looking statements. A feasibility study has not been completed and there is no certainty the disclosed targets will be reached nor that the proposed operations will be economically viable. We seek safe harbour.
The TSX Venture Exchange or its Regulation Services Provider have not reviewed and do not accept responsibility for the adequacy or accuracy of the contents of this news release, which has been prepared by management.
Contacts:
International Enexco Limited
G. Arnold Armstrong
President & CEO
1 604 669 8368
1 604 662 3691 (FAX)
info@enexco.ca
www.enexco.ca
