Alexco Resource Corp. (Alexco) has closed the previously announced bought deal equity financing (the Offering) led by Cantor Fitzgerald Canada Corporation as sole bookrunner and sole underwriter (the Underwriter). The company has issued 6.5 million common shares (the Offered Shares) at a price of US$1.00 for gross proceeds of US$6.5 million.
The company paid the Underwriter a commission equal to 7.0% of the gross proceeds of the Offering, plus issued non-transferable common share purchase warrants in an amount equal to 4.0% of the number of offered shares sold in the Offering (the Underwriter Warrants). Each Underwriter Warrant shall entitle the Underwriter to purchase one common share of the company at an exercise price of US$1.00 for 12 months from the Closing Date.
The company intends to use the net proceeds of the offering to fund continuing development of the Keno Hill Silver Project and for general corporate and working capital purposes.
The Offering was completed by way of a prospectus supplement (the Prospectus Supplement) to the company's existing Canadian base shelf prospectus (the Base Shelf Prospectus) and related US base shelf prospectus included in the company's registration statement on Form F-10 (SEC File No. 333-227024) (the Registration Statement) filed under the Canada/US multi-jurisdictional disclosure system.
Read the article online at: https://www.globalminingreview.com/finance-business/10062019/alexco-resource-corp-completes-us65-million-bought-deal-equity-financing/