Press release from CNW Group
Invenio Announces Private Placement Proceeds for drilling Saskatchewan Oil Properties
Tuesday, November 27, 2012
Invenio Announces Private Placement Proceeds for drilling Saskatchewan Oil Properties09:00 EST Tuesday, November 27, 2012TSX Venture Exchange: IVOVANCOUVER, Nov. 27, 2012 /CNW/ - Invenio Resources Corp. ("Invenio" or the "Company") announces that, subject to TSX Venture Exchange approval, it intends to undertake a non-brokered private placement of 19.0 million Flow Through units ("FT Unit") at $0.08 per FT Unit and 6.5 million units ("Units) at $0.065 per Unit for gross proceeds of $1.94 million. Each FT Unit consists of one common share and one half share purchase warrant with a full warrant entitling the holder to purchase one common share for a period of one year from closing at a price of $0.10 per share. Each Unit consists of one common share and one share purchase warrant and each warrant entitles the holder to purchase one common share for a period of two years from the closing of the offering at a price of $0.085 per share in the first year and $0.11 per share in the second year.Net proceeds from the offering will be used for drilling two oil wells in Southeast Saskatchewan as more fully described in the Company's news release on October 24, 2012 and for general working capital. Finder's fees may be paid in connection with this private placement.About Invenio Resources Corp.Invenio Resources Corp. is a Canadian based exploration company focused on gold exploration. The Company's common shares are listed on the TSX Venture Exchange and trade under the symbol IVO. Invenio has an option to earn a 60% interest on the Green Springs gold project, Nevada. The Green Springs deposit, a past producer, is near surface, oxidized and interpreted to be Carlin style mineralization. On October 24, Invenio announced that it had entered into a non-binding Letter of Intent ("LOI") with a private oil company ("PrivateCo") setting out the basic terms of the parties' intention to enter into Farmout agreements whereby Invenio will participate in drilling two exploration wells in southeast Saskatchewan. Invenio will be required to contribute 50% of the drilling costs or $1.5 million and after payout Invenio will retain a 25% working interest in the two wells.ON BEHALF OF THE BOARD OF DIRECTORS OF INVENIO RESOURCES CORP."Ken Booth"Ken Booth, PresidentNeither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.This news release contains forward-looking statements. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements.SOURCE: Invenio Resources Corp.For further information: For additional information please visit the Company's website at www.invenioresources.com. You may also email firstname.lastname@example.org.