International Enexco Limited

International Enexco Limited

December 06, 2006 13:49 ET

International Enexco Announces Revised $10,750,000 Financing

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Dec. 6, 2006) -

Not for dissemination to United States newswire services or for dissemination in the United States.

International Enexco Limited (TSX VENTURE:IEC) ("Enexco") is pleased to announce that it has entered into an agreement with a syndicate of agents, led by Wellington West Capital Markets Inc. and including Toll Cross Securities Inc., to complete a brokered private placement financing (the "Offering"), on a best-efforts agency basis, of up to 3,500,000 units ("Units") at a price of $2.15 per Unit for gross proceeds of up to $7,525,000. An over-allotment provision of up to 525,000 additional Units may be issued at $2.15, for up to an additional $1,128,750 of gross proceeds, until 12:00pm EST on the 30th day following the Closing Date.

Each Unit will consist of one common share and one-half of one common share purchase warrant (each whole warrant a "Warrant"), with each Warrant exercisable for an additional common share ("Warrant Share") of Enexco for a period of 12 months from the date of closing ("Closing Date") at a price of $2.75 per Warrant Share.

This is an amendment to the terms of the 5,000,000 unit private placement announced December 1, 2006, in that 3,500,000 Units will now be brokered, and 1,500,000 units, on the same terms as above, will remain non-brokered, for aggregate gross proceeds of a further $3,225,000.

The proceeds from the Offering will be used to fund exploration and development of the company's Contact Project, a copper project located in Northern Elko County, Nevada and on the Mann Lake Uranium Project located in the Athabasca Basin, Saskatchewan and for general working capital purposes. Details of the company's projects are available at the company's website at

Closing of the Offering is expected to occur on or about January 4, 2007 and is subject to certain conditions, including but not limited to, receipt of all necessary securities regulatory approvals (including the approval of the TSX Venture Exchange).

Enexco is a Canadian based advanced exploration company headquartered in Vancouver, B.C. In addition to its 100% owned Contact Copper-Silver Resource Property, the company also has a strategic alliance with Cameco Corporation (35%), UEM Inc. (35%) and Enexco (30%) to jointly develop the Mann Lake Uranium Project located in the prolific Athabasca Basin in Saskatchewan. Cameco is the operator of the Mann Lake Uranium Project.

The securities being offered have not been registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States in the absence of registration or an applicable exemption from the registration requirements. This press release does not constitute an offer to sell or the solicitation of an offer to purchase securities in the United States. The TSX Venture has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

G. Arnold Armstrong, President

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