Western Copper and Gold Announces Strategic Investment by Michael Vitton
Western Copper and Gold Announces
Strategic Investment by Michael Vitton
/NOT FOR DISSEMINATION IN
THE UNITED STATES
OR THROUGH U.S. NEWSWIRES/
VANCOUVER
,
Feb. 21, 2020
/CNW/ - Western Copper and Gold Corporation ("Western" or the
"Company") (TSX: WRN; NYSE American: WRN) announces that strategic investor,
Michael Vitton
,
has agreed to purchase 3,000,000 units (the "Units") at a price of
$0.65
per Unit to raise gross
proceeds of up to
$1.95 million
on a private placement basis (the "Private Placement").
Each Unit will consist of one common share of the Company (a "Share") and half of one non-
transferable warrant (each whole warrant, a "Warrant"). Each Warrant will entitle the holder to
purchase one additional Share at a price of
$0.85
for a period of 60 months from closing.
Western plans to close the Private Placement as soon as practicable subject to receipt of all
necessary regulatory approvals, including the approval of the TSX.
The Company intends to use the proceeds from the Private Placement for development of the
Casino Project and for general corporate purposes.
This news release does not constitute an offer to sell or a solicitation of an offer to sell any of the
securities in
the United States
. The securities have not been and will not be registered under the
United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities
laws and may not be offered or sold within
the United States
unless registered under the U.S.
Securities Act and applicable securities laws or an exemption from such registration is available.
ABOUT
MICHAEL VITTON
Mr. Vitton is the former Executive Managing Director, Head, US Equity Sales, Bank of Montreal
Capital Markets (BMO Capital Markets) where he originated and placed more than USD
$200 billion
through public and secondary offerings and M&A transactions.
Mr. Vitton, has acted as seed investor, lead/co-lead underwriter or in a M&A capacity in some of the
most important deals in the metal resource sector including African Platinum Ltd., Arequipa
Resources Ltd., Bema Gold Corp, Brancotte Resources, Comaplex Minerals Corp., Diamond Fields
Resources Inc., Echo Bay Mines Ltd., Francisco Gold Corp., Franco-Nevada Corp., Gammon Gold
Inc., Getchell Gold Corp., Golden Shamrock Mines Ltd., Guinor Resources Ltd., Hemlo Gold Mines
Inc., Ivanhoe Mines Ltd., Meridian Gold Inc., MexGold Resources Inc., Minefinders Corporation Ltd.,
Moto Goldmines Ltd., New Gold Inc., Northern Orion Resources Inc., Peru Copper Inc., Wheaton
River Minerals Ltd., Randgold Resources Ltd., Rio Narcea Gold Mines Ltd., Skye Resources Inc.,
Semafo Inc., Sino Gold Mining Ltd., Eurasia Mining PLC, Uramin Inc., Osisko Mining Inc., and
Detour Gold Corp. among many others.
Mr. Vitton was also the co-founder of MMX Minerals e Metalicos SA (
Brazil
) ("MMX") and LLX
Logistica SA (
Brazil
). MMX sold Minas Rio and Amapa assets to Anglo American Corporation for
USD
$5.5 billion
in cash in
December 2008
, returning USD
$8.8 billion
in cash or stock distributions
to MMX shareholders, offering six times return from IPO after only two years. LLX Logistica (
Acu
Port
) was sold to EIG (Energy Infrastructure Group). Additionally, he co- founded Petro Rio SA, one
of the leading Brazilian public oil and gas producers, commanding today a market capitalization of
USD
$1.5 billion dollars
.
Recently, Mr. Vitton has acted as seed investor and capital markets advisor from inception to
Newmarket Gold Inc., sold to Kirkland Lake Gold Ltd. for CAD
$ 1 billion
, combining to form a CAD
$2.4 billion
company. Kirkland Lake Gold Ltd. was awarded 2018 Digger of the Year (Diggers and
Dealers). He acted as investor and capital markets advisor to ASX-listed Gold Road Resources
Ltd., raising AUD
$57 million
, and bringing the Gruyere gold mine into production jointly with Gold
Fields SA. Gold Road Resources Ltd. won the Diggers and Dealers award for best deal in 2017.
Mr. Vitton is partner and member of P5 Infrastructure, operating in partnership with EQT
Infrastructure/CMA CGM, where EQT Infrastructure/P5 Infrastructure acquired 90% of Global
Gateway South Terminal, a deep sea terminal in Long Beach Harbor, CA.
Mr. Vitton is a graduate of the
University of Michigan
Business School, former Seat Holder, NYSE,
and former President, New York Society of Metals Analysts. He has invested and partnered with
some of the largest sovereign fund, private equity funds, mutual and hedge funds. Mr. Vitton is
focused on the energy, infrastructure, industrial and mining sectors.
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. 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 concerning anticipated
developments in Western's operations in future periods. 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. These forward-looking statements may include, but are
not limited to, statements regarding the anticipated closing date of and the use of proceeds from
the Private Placement. In making the forward-looking statements herein, the Company has applied
certain material assumptions including, but not limited to, the assumptions that all regulatory
approvals will be received in a timely manner and on acceptable terms; that general business
conditions will note change in a materially adverse manner and that the Private Placement will
proceed as planned.
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; the risks and uncertainties related to the Private Placement not
being completed in the event that the conditions precedent thereto (including receipt of requisite
regulatory approvals) are not satisfied; 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:
Chris Donaldson, Director, Corporate Development, 604.638.2520 or
CO: Western Copper and Gold Corporation
CNW 17:00e 21-FEB-20