Key Developments: Alexco Resource Corp (AXU)
1.52USD
23 May 2013
$-0.01 (-0.65%)
$1.53
$1.54
$1.54
$1.48
286,633
407,957
$5.58
$1.47
Latest Key Developments (Source: Significant Developments)
Alexco Resource Corp Announces Closing Of $7 Million Flow-Through Financing
Alexco Resource Corp announced that it has closed the previously announced private placement on April 01, 2013 and April 15, 2013. The Company has issued 2,100,000 flow-through common shares (the Flow-Through Shares) at a price of $3.35 per Flow-Through Share for gross proceeds of $7,035,000 (the Offering). The gross proceeds from the sale of the Flow-Through Shares will be used for expenditures on the Company's Keno Hill District exploration properties, which qualify as Canadian exploration expenses (within the meaning of the Income Tax Act (Canada)), with the Company to ensure that such Canadian exploration expenses qualify as flow-through mining expenditures (which qualify for the 15% Federal investment tax credit) for purposes of the Income Tax Act (Canada). Full Article
Alexco Resource Corp Amends Terms of $7 Million Flow-Through Financing
Alexco Resource Corp announced that, further to its news release dated April 1, 2013, it has amended the terms of its previously announced private placement. Stonecap Securities Inc. (the Agent) will now act as agent in connection with the private placement of up to 2,100,000 "flow-through" common shares (the Flow-Through Shares) of the Company at a price of $3.35 per Flow-Through Share for gross proceeds of up to $7,035,000 (the Offering). The Offering remains fully placed, and closing remains scheduled for on or about April 23, 2013. All other terms of the Offering remain the same as previously announced. The gross proceeds from the sale of the Flow-Through Shares will be used for expenditures on the Company's Keno Hill District exploration properties, which qualify as Canadian exploration expenses (within the meaning of the Income Tax Act (Canada)), with the Company to ensure that such Canadian exploration expenses qualify as "flow-through mining expenditures" (which qualify for the 15% Federal investment tax credit) for purposes of the Income Tax Act (Canada). Full Article
Alexco Resource Corp Announces Private Placement Of Common Shares
Alexco Resource Corp announced that it has fully placed a private placement of 1,900,000 flow-through common shares (the Flow-Through Common Shares) of the Company at a price of $3.70 per Flow-Through Common Share, a 10% premium to the last TSX closing price on March 28, 2013, for gross proceeds of $7,030,000 (the Offering). Stonecap Securities Inc. (Stonecap) acted as agent for the Company on this financing. The gross proceeds from the sale of the Flow-Through Shares will be used for expenditures on the Company's Keno Hill District exploration properties, which qualify as Canadian exploration expenses (within the meaning of the Income Tax Act (Canada)), with the Company to ensure that such Canadian exploration expenses qualify as flow-through mining expenditures (which qualify for the 15% Federal investment tax credit) for purposes of the Income Tax Act (Canada). The Company will incur such Canadian exploration expenses no later than December 31, 2014 and renounce such Canadian exploration expenses with an effective date of no later than December 31, 2013. With this flow-through financing, the Company is fully financed for all planned 2013 expenditures. The Offering is scheduled to close on or about April 23, 2013. Full Article
Alexco Resource Corp Completes Sale Of Remaining Interest In Brewery Creek
Alexco Resource Corp announced that it has completed the sale of remaining interest in the Brewery Creek property, located in the Yukon. In August, 2009, Alexco entered into an option agreement with Golden Predator Corp. under which Golden Predator could earn up to a 75% interest in the Brewery Creek property. Golden Predator completed the work commitment to earn an initial 51% interest in Brewery Creek, and has been continuing work programs to complete remaining earn-in under the option. Pursuant to a purchase agreement entered into in February 2012, Alexco has completed the sale to Golden Predator of all of Alexco's remaining interest in Brewery Creek. In exchange for providing Golden Predator with a 100% interest in Brewery Creek, Alexco has now received $4,000,000 cash (comprised of $3,205,000 received from Golden Predator, plus $795,000 received through the release of reclamation security) as well as 7,500,000 common shares of Golden Predator, and warrants to acquire an additional 3,750,000 common shares of Golden Predator at any time in the next two years at a price of $1.15 per share. Alexco has also been granted a net smelter returns royalty of 2% on the first 600,000 ounces of gold produced from Brewery Creek, increasing to 2.75% thereafter. Golden Predator has the right to repurchase 0.625% of the increased royalty from Alexco at any time for $2,000,000. Full Article
Golden Predator Corp Agrees To Acquire 100% Interest In Brewery Creek With Alexco Resource Corp.
Golden Predator Corp. announced that has entered into a Purchase Agreement with Alexco Resource Corp. pursuant to which it will acquire a 100% interest in the Brewery Creek Project, subject to a 2% NSR in favour of Alexco. On closing, the Purchase Agreement will replace the existing Brewery Creek Option Agreement under which Golden Predator has the right to earn up to a 75% interest in the Project, with Alexco having the right to buy back a 10% interest. To acquire a 100% interest in the Brewery Creek Project the Company will pay Alexco $4,000,000 less the amount of the current reclamation bond posted by Alexco with the Yukon government, issue 7,500,000 common shares of the Company (Shares) and 3,750,000 share purchase warrants (Warrants). Each Warrant will entitle Alexco to purchase one additional Share at a price of $1.15 for a period of two years from closing. Should Alexco propose to sell more than 250,000 shares in any thirty day period, the Company has the right to acquire such Shares or to propose a qualified buyer for such Shares. Closing of the Purchase Agreement is subject to several conditions precedent, and is set to occur on or before April 30th, 2012. Alexco will retain a 2% net smelter return royalty on the next 600,000 oz of gold produced from the claims acquired from Alexco, following which the royalty will increase to 2.75%. Golden Predator has the right to repurchase 0.65% of the increased royalty by paying Alexco $2,000,000. Full Article
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