VANCOUVER, March 27, 2020 /PRNewswire/ - Alexco
Resource Corp. (NYSE AMERICAN: AXU; TSX: AXU) ("Alexco" or the
"Company") announces that it has closed the previously
announced over-night marketed public offering (the "Offering") of
common shares of the Company (the "Common Shares"), with a
syndicate of underwriters co-led by Cormark Securities Inc. and
Cantor Fitzgerald Canada Corporation as joint bookrunners, and
including Canaccord Genuity Corp. (collectively the
"Underwriters"). With full subscription of the over-allotment
option, the Company has issued 4,662,675 Common Shares at a price
of $1.85 per share (the "Offering
Price") for gross proceeds of $8,625,948.75.
In connection with the Offering, the Company has paid the
Underwriters a cash commission equal to 6.0% of the gross proceeds
of the Offering.
The Company intends to use the net proceeds of the Offering for
preservation and measured advancement of mine development activity
at Keno Hill, exploration and for general working capital
purposes.
The Offering was made by way of a prospectus supplement (the
"Prospectus Supplement") to the Company's existing Canadian base
shelf prospectus (the "Base Shelf Prospectus") and related U.S.
registration statement on Form F-10 (SEC File No. 333-227024) (the
"Registration Statement") filed under the Canada/U.S. multijurisdictional disclosure
system.
This press release does not constitute an offer to sell or the
solicitation of an offer to buy securities, nor will there be any
sale of the securities in any jurisdiction in which such offer,
solicitation or sale would be unlawful prior to the registration or
qualification under the securities laws of any such jurisdiction.
The securities have not been approved or disapproved by any
regulatory authority, nor has any such authority passed upon by the
accuracy or adequacy of the Prospectus Supplement, the Base Shelf
Prospectus or the Registration Statement.
About Alexco
Alexco is a Canadian primary silver company that owns the
majority of the historic high-grade Keno Hill Silver District (the
"District") in Canada's
Yukon Territory. Alexco has a long
history of expanding Keno Hill's mineral resources through
successful exploration and is currently advancing a development
plan for the District. Alexco is in the final phase of the
permitting process and is currently advancing key surface
infrastructure while it awaits the final permit to make a positive
construction decision.
Some statements ("forward-looking statements") in this news
release contain forward-looking information concerning the Offering
and the use of proceeds thereof, plans related to Alexco's business
and other matters that may occur in the future, made as of the date
of this news release. Forward-looking statements may include, but
are not limited to, statements with respect to the Offering and
anticipated use of proceeds. 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 and uncertainties relating to
the outbreak of COVID-19 including but not limited to business
closures, quarantines and a general reduction in consumer activity;
actual results and timing of exploration and development, mining,
environmental services and remediation and reclamation
activities; future prices of silver, gold, lead, zinc and other
commodities; possible variations in mineral resources, grade or
recovery rates; failure of plant, equipment or processes to operate
as anticipated; accidents, labour disputes and other risks of the
mining industry; First Nation rights and title; continued
capitalization and commercial viability; global economic
conditions; competition; and delays in obtaining governmental
approvals or financing or in the completion of development
activities. Forward-looking statements are based on certain
assumptions that management believes are reasonable at the time
they are made. In making the forward-looking statements included in
this news release, Alexco has applied several material assumptions,
including, but not limited to, the assumption that Alexco will be
able to raise additional capital as necessary, that the proposed
exploration and development activities will proceed as planned, and
that market fundamentals will result in sustained silver, gold,
lead and zinc demand and prices. There can be no assurance that
forward-looking statements will prove to be accurate and actual
results and future events could differ materially from those
anticipated in such statements. Alexco expressly disclaims any
intention or obligation to update or revise any forward-looking
statements whether as a result of new information, future events or
otherwise, except as otherwise required by applicable securities
legislation.
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SOURCE Alexco Resource Corp.