EQUITY FINANCING: Alexco raises $25.7 million

VANCOUVER - Alexco Resource Corp. has closed the $25.7 million equity offering that it announced on Jan. 20, 2010. The company sold 7.35 million common shares at a price of $3.50 per share.

The underwriters, led by Canaccord Financial, have received a cash fee equal to 7% of the gross proceeds. They also have been granted an over-allotment option for additional common shares equal to 15% of the original offering.

Alexco will use the net proceeds of this offering for continued development of its Bellekeno silver-lead-zinc mine in the Keno Hill silver district of the Yukon. According to the preliminary economic assessment Alexco filed last year, capital costs will be approximately $41.6 million. The study is posted at www.AlexcoResource.com.