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| Home : International Enexco Announces Term Sheet with Denison Mines Corp. |
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Nov 16
2012 |
International Enexco Announces Term Sheet with Denison Mines Corp. |
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VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 16, 2012) - International Enexco Ltd. (TSX VENTURE:IEC)(OTCQX:IEXCF)(FRANKFURT:IE6) (the "Company" or "Enexco") is pleased to announce that the Company has received an indicative term sheet ("Term Sheet") from Denison Mines Corp. ("Denison") providing for the subscription of 3,600,000 units of the Company (each a "Unit") at a price of $0.50 per Unit for aggregate proceeds of CDN$1,800,000 on a non-brokered private placement basis, the proceeds of which will be used to partially fund the Company's exploration activities on the Mann Lake uranium project in 2013. Each Unit will be comprised of one common share and one half of one common share purchase warrant (each whole common share purchase warrant a "Warrant"), entitling Denison to acquire one additional common share in the Company at a price of $0.60 for a period of two years from the date of issue (the "Closing Date"). Upon the completion of a four-month hold period commencing from the date of issue, the Warrants will be subject to accelerated conversion within 30 days of Enexco disseminating a news release providing notice of same, in the event the shares of Enexco close at over $0.90 on the TSX Venture Exchange (the "Exchange") for 10 consecutive trading days. |
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| Source:http://www.marketwire.com/mw/release.do?id=1727397&sourceType=3 |
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