Company will use proceeds to explore Contact Copper project in Nevada
By Devika Patel
Knoxville, Tenn., Oct. 11 - International Enexco Ltd. said it plans a C$2.5 million non-brokered private placement of units.
The company will sell 6.25 million units at C$0.40 apiece. Each unit consists of one common share and one half-share warrant.
Each whole warrant is exercisable at C$0.60 for two years. The strike price is a 57.9% premium to C$0.38, the Oct. 7 closing share price.
Proceeds will be used for exploration and development of the Contact Copper project in Nevada and for general working capital.
International Enexco is a uranium and copper explorer based in Vancouver, B.C.
| Issuer: | International Enexco Ltd.
|
| Issue: | Units of one common share and one half-share warrant
|
| Amount: | C$2.5 million
|
| Units: | 6.25 million
|
| Price: | C$0.40
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.60
|
| Agent: | Non-brokered
|
| Pricing date: | Oct. 11
|
| Stock symbol: | TSX Venture: IEC
|
| Stock price: | C$0.40 at close Oct. 11
|
| Market capitalization: | C$9.08 million
|
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