International Enexco Limited
TSX VENTURE : IEC

International Enexco Limited

December 01, 2006 17:53 ET

International Enexco Arranges $10,750,000 Non-Brokered Private Placement

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Dec. 1, 2006) - International Enexco Limited (TSX VENTURE:IEC) ("Enexco" or the "Company") is pleased to report that it has arranged, subject to regulatory approval, a non-brokered private placement of 5,000,000 Units of the Company at the price of $2.15 per unit for total gross proceeds of $10,750,000. Each Unit shall consist of one common share of the Company and one half of one non-transferable share purchase warrant. Each whole warrant shall entitle the holder to purchase one additional share of the Company at a price of $2.75 per share for a period of one year following the date of closing.

A finder's fee will be payable on a portion of the proceeds placed.

The proceeds from this placement will be used to fund exploration of the Company's Contact Project, a copper project located in northern Elko Country, Nevada and on the Mann Lake Uranium Project located in the Athabasca Basin, Saskatchewan and for working capital.

ABOUT INTERNATIONAL ENEXCO

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.

For further information on all of Enexco's projects, visit our website at: www.enexco.ca


The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

  • International Enexco Ltd.
    G. Arnold Armstrong
    President
    (604) 642-2625
    or
    International Enexco Ltd.
    Paul McKenzie
    Director
    (604) 642-2625
    Email: info@enexco.ca
    Website: www.enexco.ca