International Enexco Limited
TSX VENTURE : IEC

International Enexco Limited

January 05, 2007 12:00 ET

International Enexco Closes $8.9 Million Brokered Private Placement and $3.2 Million Non-Brokered Placement

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Jan. 5, 2007) - International Enexco Ltd. (TSX VENTURE:IEC) ("Enexco" or the "Company") announced today that the previously announced brokered private placement of 3,500,000 Units at a price of $2.15 per Unit led by Wellington West Capital Markets Inc. and including Toll Cross Securities Inc. was increased to 3,600,000 Units and has now closed for gross proceeds of $7,740,000. The over-allotment option granted by Enexco to the Agents was increased to 535,000 Units and exercised for additional gross proceeds of $1,150,250.

Each Unit consisted of one common share of the Company and one half of one non-transferable share purchase warrant. Each whole warrant entitled 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.

The Company's non-brokered placement of 1,500,000 Units, on the same terms as above, has also closed raising additional aggregate gross proceeds of a further $3,225,000.

All securities issued under the placements are subject to a four month hold period expiring on May 5, 2007.

The proceeds from these private placements will be used to fund exploration and development of the Company's Contact Project, a copper project located in Northern Elko County, Nevada and 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 www.enexco.ca.

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 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.

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

Contact Information

  • International Enexco Limited
    G. Arnold Armstrong
    President
    (604) 683-7361
    (604) 662-3231 (FAX)
    Website: www.enexco.ca