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Alexco Resource Corp. (TSX:AXR - News)(AMEX:AXU - News) ("Alexco" or the "Company") is pleased to
announce that it has closed the bought deal equity financing announced
December 7, 2010 (the "Offering"). The Company has issued 5,000,000
common shares at a price of CAD$8.20 per common share for gross proceeds of
CAD$41,000,000.
The Offering was led a syndicate of
underwriters (the "Underwriters"). The Underwriters received a cash
commission of 6% of the gross proceeds raised through the Offering and
warrants ("Broker Warrants") equal in number to 4% of the number of
common shares issued through the Offering. Each Broker Warrant shall be
exercisable to acquire one common share of the Company at an exercise price
of CAD$8.50 for a period of 12 months from closing.
The Company intends to use the net
proceeds of the Offering to fund project development and ongoing exploration
activities, and for general working capital.
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 Common Shares in any jurisdiction in which such offer,
solicitation or sale would be unlawful. The Common Shares 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 state securities laws
and may not be offered or sold within the United States or to, or for the
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.
About Alexco
Alexco's business is to unlock value and manage
risk at mature, closed or abandoned mine sites through integration and
implementation of the Company's core competencies which include management of
environmental services, execution of mine reclamation and closure operations
and if appropriate, rejuvenation of exploration and development of new mining
opportunities.
Some statements in this news release
contain forward-looking information concerning the Company's intended use of
proceeds, anticipated results and developments in the Company's operations in
future periods, planned exploration and development of its properties, plans
related to its business or financings and other matters that may occur in the
future, made as of the date of this press release. Forward-looking statements
may include, but are not limited to, statements with respect to future
remediation and reclamation activities, future mineral exploration, the
estimation of mineral reserves and mineral resources, the realization of
mineral reserve and mineral resource estimates, the timing of activities and
the amount of estimated revenues and expenses, the success of exploration
activities, permitting time lines, requirements for additional capital and
sources and uses of funds. Forward-looking statements are subject to a
variety of known and unknown risks, uncertainties and other factors which
could cause actual events or results to differ from those expressed or
implied by the forward-looking statements. Such factors include, among
others, risks related to actual results of remediation and reclamation
activities; actual results of exploration activities; conclusions of economic
evaluations; changes in project parameters as plans continue to be refined;
future prices of gold, silver and other commodities; possible variations in
ore bodies, grade or recovery rates; failure of plant, equipment or processes
to operate as anticipated; accidents, labour
disputes and other risks of the mining industry; and delays in obtaining
governmental approvals or financing or in the completion of development
activities.
Contact:
Contacts:
Alexco Resource Corp.
Clynton R. Nauman
President and Chief Executive Officer
604-633-4888
604-633-4887 (FAX)
info@alexcoresource.com
www.alexcoresource.com
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