Western Copper and GOLD Announces Completion of C$21.3 Million Strategic Investment BY Mitsubishi Materials Corporation
WESTERN COPPER AND GOLD ANNOUNCES
COMPLETION OF C$21.3 MILLION
STRATEGIC INVESTMENT BY MITSUBISHI
MATERIALS CORPORATION
VANCOUVER, BC
,
April 14, 2023
/CNW/ - Western Copper and Gold Corporation ("Western" or the
"Company") (TSX: WRN) (NYSE American: WRN) announces it has completed its previously
announced
C$21.3 million
strategic equity investment by Mitsubishi Materials Corporation
("Mitsubishi Materials") to further advance the Company's copper-gold Casino Project in the
Yukon
.
Mitsubishi Materials acquired 8,091,390 common shares of the Company (the "Shares") at a price of
C$2.63
per Share for proceeds of approximately
C$21.3 million
, resulting in Mitsubishi Materials
owning approximately 5.0% of Western's issued and outstanding Shares, on an undiluted basis
(following completion of the Rio Tinto subscription).
As previously announced, Rio Tinto Canada Inc. ("Rio Tinto") will subscribe for 878,809 Shares at a
price of
C$2.63
per Share for proceeds of approximately
C$2.3 million
, allowing Rio Tinto to
maintain its interest of approximately 7.84%. The Rio Tinto subscription is expected to be completed
on or before
May 1, 2023
.
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,
"Paul West-Sells"
Dr.
Paul West-Sells
President and CEO
Western Copper and Gold Corporation
Cautionary Disclaimer Regarding Forward-Looking Statements and Information
This news release contains certain forward-looking statements, including statements with respect
to
the expected closing date for the Rio Tinto subscription
. 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 "plans", "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. In making the forward-looking statements herein, the
Company has applied certain material assumptions including, but not limited to, the assumption
that general 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 financing 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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For further information:
Sandy Noyes, Director, Investor Relations, 604.638.2520 or
CO: Western Copper and Gold Corporation
CNW 11:15e 14-APR-23