Western Copper and GOLD Announces Completion of Bought Deal Public Offering of $46 Million
WESTERN COPPER AND GOLD ANNOUNCES
COMPLETION OF BOUGHT DEAL PUBLIC
OFFERING OF $46 MILLION
VANCOUVER, BC
,
April 30, 2024
/CNW/ - Western Copper and Gold Corporation ("Western" or the
"Company") (TSX: WRN) (NYSE American: WRN) is pleased to announce that it has completed its
previously announced bought deal public offering (the "Offering") of 24,210,526 common shares of
the Company (the "Common Shares") at a price of
$1.90
per Common Share for gross proceeds of
$45,999,999.40
, including the full exercise of the over-allotment option.
The Offering was completed pursuant to an underwriting agreement dated
April 16, 2024
entered
into between the Company and a syndicate of underwriters led by Eight Capital, and including
Cormark Securities Inc., National Bank Financial Inc., Raymond James Ltd., BMO Capital Markets,
Canaccord Genuity Corp., CIBC World Markets Inc., H.C. Wainwright & Co., LLC, RBC Dominion
Securities Inc., Echelon Wealth Partners Inc. and Haywood Securities Inc. (the "Underwriters"). In
connection with the Offering, the Company paid the Underwriters a cash commission equal to 5.0%
of the gross proceeds, other than on sales of an aggregate of 358,000 Common Shares to
purchasers on a president's list.
The net proceeds from the sale of the Common Shares are expected to be used to advance
permitting and engineering activity at the Company's
Casino
Project in the
Yukon
and for general
corporate and working capital purposes.
The Offering was completed by way of a short form prospectus (the "Prospectus") filed in all of the
provinces of
Canada
, except Québec, and in
the United States
pursuant to a prospectus filed as part
of a registration statement on Form F-10 (the "Registration Statement") under the
Canada
/U.S.
multi-jurisdictional disclosure system. This news release shall not constitute an offer to sell or the
solicitation of an offer to buy nor shall there be any sale of the Common Shares in any jurisdiction in
which such offer, solicitation or sale would be unlawful prior to registration or qualification under the
securities laws of that jurisdiction. The Prospectus is available on SEDAR+ at
www.sedarplus.ca
.
The Registration Statement is available on EDGAR at
www.sec.gov
.
Certain directors of the Company (the "Insiders") participated in the Offering and were issued an
aggregate of 110,000 Common Shares. The Insiders' participation in the Offering constitutes a
"related party transaction" as defined in Multilateral Instrument 61-101 –
Protection of Minority
Security Holders in Special Transactions
("61-101"). The Company is relying on the exemptions
from the formal valuation and minority shareholder approval requirements contained in sections
5.5(a) and 5.7(1)(a) of 61-101 in respect of the Offering as neither the fair market value of the
securities issued to the Insiders nor the consideration paid by the Insiders for such securities exceed
25% of the Company's market capitalization. The Company will file a material change report in
respect of the Offering. However, the Company did not file a material change report 21 days prior to
closing of the Offering as the participation of insiders of the Company in the Offering had not been
confirmed at that time.
ABOUT WESTERN COPPER AND GOLD CORPORATION
Western Copper and Gold Corporation is developing the
Casino
Project,
Canada's
premier copper-
gold mine in the
Yukon Territory
and one of the most economic greenfield copper-gold mining
projects in the world.
The Company is committed to working collaboratively with our First Nations and local communities to
progress the
Casino
Project using internationally recognized responsible mining technologies and
practices.
For more information, visit
www.westerncopperandgold.com
.
On behalf of the board,
"Sandeep Singh"
Sandeep Singh
Chief Executive Officer
Western Copper and Gold Corporation
Cautionary Disclaimer Regarding Forward-Looking Statements and Information
This news release contains certain forward-looking statements concerning
the use of proceeds
from
the Offering and the filing of a material change report in respect of the Offering
.
Statements
that are not historical fact are "forward-looking statements" as that term is defined in
the United
States
Private Securities Litigation Reform Act of 1995 and "forward-looking information" as that
term is defined in National Instrument 51-102 ("NI 51-102") of the Canadian Securities
Administrators (collectively, "forward-looking statements"). Forward-looking statements are
frequently, but not always, identified by words such as "expects", "anticipates", "believes",
"intends", "estimates", "potential", "possible" and similar expressions, or statements that events,
conditions or results "will", "may", "could" or "should" occur or be achieved. The material factors or
assumptions used to develop forward-looking statements include,
but
are
not limited to, the
assumptions that all regulatory approvals of the Offering will be obtained in a timely manner; all
conditions precedent to completion of the Offering will be satisfied in a timely manner;
and that
market or business conditions will not change in a materially adverse manner.
Forward-looking statements are statements about the future and are inherently uncertain, and
actual results, performance or achievements of Western and its subsidiaries may differ materially
from any future results, performance or achievements expressed or implied by the forward-looking
statements due to a variety of risks, uncertainties and other factors. Such risks and other factors
include, among others,
risks involved in fluctuations in gold, copper and other commodity prices
and currency exchange rates; uncertainties related to raising sufficient
capital
in a timely manner
and on acceptable terms; and other risks and uncertainties disclosed in Western's AIF and Form
40-F, and other information released by Western and filed with the applicable regulatory agencies.
Western's forward-looking statements are based on the beliefs, expectations and opinions of
management on the date the statements are made, and Western does not assume, and expressly
disclaims, any intention or obligation to update or revise any forward-looking statements whether
as a result of new information, future events or otherwise, except as otherwise required by
applicable securities legislation. For the reasons set forth above, investors should not place undue
reliance on forward-looking statements.
SOURCE
Western Copper and Gold Corporation
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CO: Western Copper and Gold Corporation
CNW 10:40e 30-APR-24