Western Copper And Gold Announces C$6 Mln Investment & Entry Into Investor Rights Deal By Rio Tinto
(RTTNews) - Western Copper and Gold Corp. (WRN, WRN.TO) announced Tuesday a further C$6 million investment and the entry into an amended and restated investor rights agreement by Rio Tinto Canada Inc., to continue to advance the Company's Casino Project in the Yukon.
Rio Tinto has agreed to subscribe for and purchase 3.47 million common shares at a price of C$1.73 per share for aggregate gross proceeds of approximately C$6 million, resulting in Rio Tinto's ownership increasing to approximately 9.7% of Western's outstanding common shares. Western remains the sole owner of the Casino Project and will continue to be the operator.
The Company will use the proceeds of this further investment to fund specific areas of study, specifically around providing infrastructure for the Casino Project, and streamlining the regulatory process, with the aim of progressing through permitting to a development phase for the Casino Project.
In addition, Rio Tinto will have a right to participate in future equity issuances to maintain its ownership in the Company and will be provided with a one-time "demand registration right" and "piggy-back registration rights."
The closing of this investment is expected to occur on or about December 12, 2023 and is subject to regulatory approval, including that of the Toronto Stock Exchange and the NYSE American LLC.
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