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Alexco Resource raising C$7.5M to advance Keno Hill silver project

Alexco Resource Corp. is undertaking an offering to raise gross proceeds of C$7.5 million on a bought-deal basis with a syndicate of underwriters led by Cormark Securities Inc.

The company said June 4 that the offering will comprise 3,933,000 flow-through common shares at an average price of approximately C$1.90 apiece. Closing is anticipated on or around June 13, subject to regulatory approvals.

Two batches of 966,500 shares priced at C$2.05 per share are earmarked for exploration and mining expenditures, respectively, with another 2 million shares earmarked for development and priced at C$1.75 apiece.

Alexco will use the proceeds to advance its Keno Hill silver project in northern Canada's Yukon Territory. The company recently outlined plans to drill 5,000 meters at the Bermingham deposit at Keno Hill and plans for another 15,000 meters of exploration drilling on nearby deposits.

Planned work also includes surface exploration and continued development of the Flame & Moth decline at Keno Hill.

"With underground access development work now almost 50% complete, we continue to advance toward silver production at Keno Hill in a measured and disciplined manner," Alexco CEO and Chairman Clynt Nauman said.