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Managing Risk, Unlocking Value, Emerging Silver Producer.
Message: Closes $6 Million Flow-Through Private Placement
| March 17, 2009 |
| Alexco Closes $6 Million Flow-Through Private Placement |
| VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 17, 2009) - Alexco Resource Corp. (TSX:AXR)(NYSE Alternext US:AXU) ("Alexco" or the "Company") is pleased to announce that it has today closed the non-brokered private placement previously announced on March 9, 2009, issuing a total of 3,428,572 flow-through common shares at a purchase price of $1.75 per flow-through share for total gross proceeds of $6,000,000. Detailed mine planning and underground drilling are currently in progress at the Bellekeno property, financed by capital provided under the silver purchase agreement with Silver Wheaton Corp. (TSX:SLW)(NYSE:SLW) entered into in the fourth quarter of calendar 2008. Alexco intends to use the proceeds from today's flow-through financing to continue exploration of its other historic silver-lead-zinc mineral properties located in the Yukon's Keno Hill district such as Onek, Elsa and Keno 700. Alexco also intends to pursue new targets being developed in the historically unexplored regions of its district holdings, including the McQuesten valley. 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 activity. |
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