Base Metals

Alexco Resource (TSX:AXR) has announced financial results for the first quarter ending March 31, 2016. As quoted in the press release: First Quarter Highlights Cash and cash equivalents at March 31, 2016 of $7.1 million and net working capital of $10.7 million compared to $8.1 million and $12.2 million, respectively, at December 31, 2015. On …

Alexco Resource (TSX:AXR) has announced financial results for the first quarter ending March 31, 2016.
As quoted in the press release:

First Quarter Highlights

  • Cash and cash equivalents at March 31, 2016 of $7.1 million and net working capital of $10.7 million compared to $8.1 million and $12.2 million, respectively, at December 31, 2015.
  • On February 17, 2016 the Company was granted an amended Quartz Mining License (“QML”) for the development of the Flame & Moth deposit.
  • On April 27, 2016 the Company announced that it entered into an indicative term sheet for a non-brokered private placement of up to 8,340,000 units of the Company at a price of $1.20 per unit for gross proceeds of up to $10,008,000. Each unit will consist of one common share and one-half of one non-transferable warrant, each whole such warrant entitling the holder to purchase one additional common share of the Company at a price of $1.75 per share for a period of 24 months following the date of issuance. The Company has since increased the size of this private placement by up to 2,500,000 additional units for gross proceeds of up to $3,000,000, for a total of up to 10,840,000 units to raise total gross proceeds up to $13,008,000.

Clynt Nauman, president and CEO, said:

In the first quarter we focused on implementing plans to continue exploration at our high grade Bermingham discovery as well developing a plan to return to operations incorporating production from the Bellekeno, Flame & Moth and Lucky Queen silver deposits. Alongside this we intend to modestly expand maintenance and other equipment evaluation activities at site. We are cautiously optimistic that recent strengthening in the metals markets will continue, and want to ensure that the condition of our plant, equipment and infrastructure is satisfactory in the face of potentially improving market conditions.

Click here for the full press release.

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