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International Enexco Closes CDN$2.35 Million Non-Brokered Private Placement
Published : November 29, 2012
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Keywords :   Copper | Gold | Idaho | Market | Mongolia | Silver | Uranium | Volatility | Zambia |

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 29, 2012) - International Enexco Ltd. (News - Market indicators)(OTCQX:IEXCF)(FRANKFURT:I6E) (the "Company" or "Enexco") is pleased to announce that further to its October 12, and November 16, 2012 news releases announcing a non-brokered private placement of Units at $0.50 per Unit for gross proceeds of $2,000,000, the private placement has been oversubscribed for aggregate proceeds of $2,350,000. All other information from the news release dated November 16, 2012 remains the same.

Denison Mines Corp. subscribed for 3,600,000 units of the Company (each a "Unit") at a price of $0.50 per Unit for aggregate gross proceeds of $1,800,000. If all of Denison's warrants included in the Units were exercised, Denison would own 5,400,000 shares of Enexco, which represents approximately 13.90% of the issued and outstanding shares of Enexco.

The proceeds from the private placement will be used for the exploration and development of the Contact Copper project in Nevada, to partially fund the Company's exploration activities on the Mann Lake uranium project (operated by Cameco Corp.) in Saskatchewan's Athabasca Basin in 2013 and for general working capital.

Concurrently with Denison's purchase of Units, Denison and Enexco also entered into an ancillary rights agreement (the "ARA"). The ARA provides Denison with certain rights, for so long as Denison holds a minimum 5% interest in the issued and outstanding shares of Enexco. First, the Company shall cause one Denison nominee to be appointed to Enexco's Board effective upon the closing of the private placement, and will nominate one Denison nominee for election to the Board at any meeting of shareholders where directors are to be elected. Second, Denison has a pre-emptive right to maintain its shareholding percentage up to a maximum of 9.9% (on a partially exercised basis), subject to regulatory approval, if Enexco issues or proposes to issues any equity securities. Denison also has the right to subscribe for such number of shares sufficient to enable Enexco to meet its funding obligations under the Mann Lake Joint Venture Agreement in the event of a shortfall. The ARA also provides that Denison has the right to appoint one individual to Enexco's Technical Committee, responsible for providing technical input on the exploration and development plans for the Mann Lake Uranium Project in the Athabasca Basin in Saskatchewan.

In exchange, Denison has agreed in the ARA to vote its shareholding in favour of Enexco Management's proposals on matters of routine business and not to tender its shareholding to any take-over bid if Enexco's Board has not issued a recommendation in favour of the same. 

Denison Mines Corp. is a uranium exploration and development company with interests in exploration and development projects in Saskatchewan, Zambia and Mongolia. As well, Denison has a 22.5% ownership interest in the McClean Lake uranium mill, located in northern Saskatchewan, which is one of the world's largest uranium processing facilities. Denison's exploration project portfolio includes the world class Phoenix deposit located on its 60% owned Wheeler River project also in the Athabasca Basin region of Saskatchewan.

The Company will pay $24,387.50 in finder's fees in connection with this closing, excluding Denison's subscription. All of the securities issuable in the placement are subject to a hold period ending on March 30, 2013.

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 (52.5%) as operator and AREVA (17.5%)-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.

International Enexco Ltd.
Spiros Cacos
+1 604 669 8368
+1 604 662 3691 (FAX)
Companies Mentionned : Athabasca | Cameco | Denison Mines | International Enexco |
Data and Statistics for these countries : Mongolia | Zambia | All
Gold and Silver Prices for these countries : Mongolia | Zambia | All

International Enexco Limited

ISIN : CA45945G1072
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International Enexco is a copper and uranium development stage company based in Canada.

International Enexco holds various exploration projects in Canada.

Its main exploration properties are LOOMIS, HOT POT PROJECT, MANN LAKE, CONTACT COPPER and MANN LAKE (JV) in Canada.

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Financings of International Enexco Limited
2/14/2014Announces Non-Brokered Private Placement
12/6/2013Closes Flow-Through Private Placement with Proceeds of $750,...
12/17/2012Closes Oversubscribed Flow-Through Private Placement with Pr...
Nominations of International Enexco Limited
6/24/2008Appoints Two New Directors
Project news of International Enexco Limited
1/27/2014Commences $2.9 Million Drill Program on the Man Lake Uranium...
12/10/2013International Enexco Gives a Base Metal (and Uranium) Balanc...
11/13/2013(Mann Lake)Announces $2.9 Million Drill Program, on the Mann Lake Urani...
10/10/2013(Contact Copper)Files Pre-Feasibility Study for Contact Copper Project, Neva...
10/1/2013(Contact Copper)Announces Positive Pre-Feasibility Study for Contact Copper ...
6/25/2013Announces Joint Venture with Denison Mines on Bachman Lake U...
3/27/2013(Mann Lake)Reports On the Mann Lake Uranium Project, Athabasca SK
2/19/2013(Mann Lake)JV Partner Cameco Adds Third Drill Rig On the Mann Lake Uran...
2/8/2013(Mann Lake) Article: International Enexco Sets The Drills T...
1/21/2013International Enexco Commences $6 Million, Three Rig Drill P...
1/21/2013(Mann Lake)Commences $6 Million, Three Rig Drill Program, On the Mann L...
11/15/2012(Mann Lake)Announces $6 Million, Three Rig Drill Program, on Mann Lake,...
9/18/2012International Enexco Announces Positive Metallurgical Result...
9/18/2012(Contact Copper)Announces Positive Metallurgical Results from Contact Copper...
9/10/2012(Contact Copper)Completes Drill Program at Contact Copper Project and Report...
3/19/2012International Enexco Announces Additional Drill Results from...
2/24/2012International Enexco's Shares Power Ahead, As The Contact Co...
2/23/2012(Contact Copper)MINESITE.COM: International Enexco's Shares Power Ahead, As ...
1/16/2012(Contact Copper)Drill Program Update for Contact Copper Project, Nevada
11/28/2011(Contact Copper)Commences Drilling Contact Copper Project, Nevada
2/9/2011(Contact Copper)Rising Copper Prices Favor International Enexco
12/10/2010(Contact Copper)Intersects 43.0m of 0.49% CU (including 17.0m 0.89% CU) at C...
12/9/2010(Contact Copper)Intersects 43.0 Meters at 0.49% Copper at Contact Copper Pro...
8/17/2009Positive Copper Pre-Feasibility Study Received
2/9/2009(Mann Lake)Drilling at Mann Lake Underway with Cameco as Operator
1/7/2009(Mann Lake)Cameco to Commence 3rd Enexco Drill Program at Mann Lake
9/29/2008(Contact Copper)Prepares to Drill Newly Optioned Boston Claim Group
8/21/2008(Contact Copper)Pre-Feas Study to Commence at Contact - New Resource Calcula...
Corporate news of International Enexco Limited
10/10/2013Mid=2DDay Breaking News From Zenyatta and International Enex...
11/29/2012Closes CDN$2.35 Million Non-Brokered Private Placement
11/16/2012Mid-Day Breaking News From Northern Vertex, Balmoral, Intern...
10/10/2012Mid-Day Breaking News From International Enexco, Gold Reach,...
10/10/2012(Contact Copper)Announces an Increase of 49% to 1.06 Billion Pounds of Coppe...
10/10/2012Announces an Increase of 49% to 1.06 Billion Pounds of Coppe...
8/27/2012Mid-Day Breaking News From Pelangio, International Enexco, S...
8/27/2012(Contact Copper)Confirms New Copper Target at Contact Copper Project (Nevada...
6/20/2012Todd Hilditch Joins International Enexco as Director
4/26/2012Mid-Day Breaking News From International Enexco and Canada R...
3/19/2012(Contact Copper)Announces Additional Drill Results From Contact Copper Proje...
3/1/2012Mid-Day Breaking News From Mirasol, Novadx, Zimtu, Internati...
3/1/2012(Mann Lake)Announces Winter Geophysical Survey Planned at Mann Lake, Sa...
1/16/2012Mid-Day Breaking News From El Ni=F1o Ventures and Internatio...
11/28/2011Mid-Day Breaking News From El Nino, Millrock, Golden Touch, ...
11/16/2011(Contact Copper)s Progress at Contact Copper Project=2C NV
11/16/2011International Enexco Updates Progress at Contact Copper Proj...
12/1/2010President's Letter International Enexco
10/19/2010Graduates to Tier 1, TSXV
6/9/2009signs JV with Nevada Exploration Inc.
6/2/2009has entered into an option agreement with Fronteer Developme...
4/6/2009Announces Joint Venture
3/25/2009Cameco CEO Sees Uranium Supply Crunch And M&A
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