International Enexco Announces $2.5 Million Private Placement
11 Ottobre 2011 - 10:15PM
Marketwired
International Enexco Ltd. (TSX
VENTURE:IEC)(OTCQX:IEXCF)(FRANKFURT:IE6) (the "Company" or
"Enexco") is pleased to announce 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 $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.
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.
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 Spiros Cacos Corporate
Development (604) 669-8368www.enexco.ca
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