VANCOUVER, BRITISH COLUMBIA--(Marketwired - Dec. 5, 2013) - International Enexco Limited (TSX VENTURE:IEC)(OTCQX:IEXCF)(FRANKFURT:IE6) (the "Company" or "Enexco") pleased to announce that further to its December 2, 2013 news releases, announcing a non-brokered private placement of 2,343,750 Flow-Through Units at a price of CDN$0.32 per unit, on a non-brokered private placement basis, the Company has completed and closed its offering for aggregate proceeds of CDN$750,000. All other information from the news release dated December 2, 2013 remains the same.
The net proceeds from the private placement will be used to fund Enexco's CDN$870,000 portion of the forthcoming CDN$2.9 million drill program at the Mann Lake uranium joint venture project in Saskatchewan's Athabasca Basin. Mann Lake is a joint venture consortium project with International Enexco and two of the world's leading uranium companies (Cameco (52.5%) as operator, Enexco (30%) and AREVA (17.5%). (Please see International Enexco November 13, 2013 news release at www.enexco.ca for additional information.)
The Company will pay CDN$60,000 and issue 93,750 Warrants in finder's fees in connection with the closing of the placement. All of the securities issuable in the placement are subject to a hold period ending on April 6, 2014.
About International Enexco Ltd.
International Enexco Limited is a North American exploration and development company focused on the feasibility stage, 100% owned, Contact Copper project in northern Nevada and the Mann Lake and Bachman Lake Uranium projects located in Saskatchewan's prolific Athabasca Basin. The Bachman Lake project is a joint venture with Denison (80%) as operator and Enexco (20%).
On behalf of the Board of Directors,
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. 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. We seek safe harbour.