Alexco Resource Corp. (NYSE AMERICAN: AXU) (TSX: AXR) is pleased to announce that it has closed the previously announced flow-through bought deal public offering with a syndicate of underwriters including Cormark Securities Inc. and Canaccord Genuity Corp. The Company issued a total of 4,703,000 flow-through common shares (the “Flow-Through Shares”) at a blended price of C$1.92 per share for gross proceeds C$9,041,150.
The issued securities are comprised of: (i) 966,500 flow-through shares with respect to “Canadian exploration expenses” priced at C$2.05 per Flow-Through Share; (ii) 1,736,500 flow-through shares with respect to “Canadian exploration expenses” that also qualify as “flow-through mining expenditures” priced at C$2.05 per Flow-Through Share; and (iii) 2,000,000 flow-through shares with respect to “Canadian development expenses” priced at C$1.75 per Flow-Through Share.
The gross proceeds from the sale of the Flow-Through Shares will be used to fund a surface exploration program, continue the underground drilling program at the Bermingham deposit, and also continue development of the Flame & Moth decline at the Company’s Keno Hill Silver project, which qualify as Canadian exploration expenses (within the meaning of the Income Tax Act (Canada)). The Company will renounce such Canadian exploration expenses with an effective date of no later than December 31, 2018.
This news release does not constitute an offer to sell or a solicitation of an offer to buy nor shall there be any sale of any of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful, including in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) or any securities laws of any state of the United States and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons (as defined in Regulation S under the U.S. Securities Act) unless registered under the U.S. Securities Act and applicable state securities laws or pursuant to an exemption from such registration requirements.
Alexco holds the historical high grade Keno Hill Silver District located in Canada’s Yukon Territory. Employing a unique business model, Alexco also provides mine-related environmental services, remediation technologies and reclamation and mine closure services to both government and industry clients through the Alexco Environmental Group, its wholly-owned environmental services division.
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