Alexco Divests Subsidiary Environmental Business AEG
Alexco Resource Corp Common Shares (Canada) (AXU)
NASDAQ:AMEX Investor Relations:
alexcoresource.com/investors/overview-1
Company Research
Source: PR Newswire
VANCOUVER, Feb. 18, 2020 /PRNewswire/ - Alexco Resource Corp. (NYSE American: AXU) (TSX: AXU) ("Alexco" or the "Company") today announced that it has entered into a Share Purchase Agreement (the "Agreement") for the sale of Alexco Environmental Group ("AEG"), to AEG's Executive Management ("AEG Management") led by Jim Harrington, AEG President. Under the terms of the Agreement, AEG Management purchased all of the shares of AEG in consideration for payment to Alexco of $13.35 million ("M"). On closing of the transaction, AEG Management paid $12.1 M in cash, with the balance of $1.25 M payable pursuant to a promissory note that matures on February 14, 2021. Alexco's 100% owned AEG subsidiary was established as a private company (ALM Group Inc.) in 2004 and since its incorporation into Alexco, AEG has focused its business on all aspects of mine reclamation, including deployment of innovative remediation technologies. It was the combination of environmental and exploration/mining attribut
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