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IES INNOVATIVE ENVIRONMENTAL SERVICES LTD. ANNOUNCES PRIVATE PLACEMENT

 VANCOUVER, British Columbia, Nov. 17 /PRNewswire/ -- Innovative Environmental Services Ltd. (Alberta: INV) ("IES") announced that it has arranged a private placement of 125,000 common shares at a price of $5.50 per share, for total gross proceeds of $687,500.
 The placees will also be granted non-transferable warrants to purchase up to an additional 125,000 common shares of IES for a period of one year at a price of $6.00 per share.
 The placees will be clients of Canaccord Capital Corp. of Vancouver, or clients of any co-agents and sub-agents appointed by Canaccord. Canaccord will be paid a commission of 5 percent of the proceeds on closing of the private placement, in consideration of its efforts in arranging the private placement.
 The proceeds from the private placement will be used by IES for general working capital purposes.
 The proposed private placement is subject to the approval of the Alberta Stock Exchange and other regulatory authorities have jurisdiction.
 -0- 11/17/93
 /CONTACT: Geoff Trafford, 604-739-9298; or Shannon Squyres of Corporate Relations Group, 714-955-1860/
 (INV.)


CO: IES Innovative Environmental Service Ltd. ST: British Columbia IN: SU: OFR

JL -- LA023 -- 5593 11/17/93 15:01 EST
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Publication:PR Newswire
Date:Nov 17, 1993
Words:198
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