Western Copper and Gold Closes $28.75 Million Financing
Western Copper and Gold Closes $28.75
Million Financing
VANCOUVER, BC
,
Nov. 24, 2020
/CNW/ - Western Copper and Gold Corporation ("Western" or the
"Company) (TSX: WRN) (NYSE American: WRN) is pleased to announce that it has closed the
previously announced offering
(the "Offering") of common shares of the Company (the "Common
Shares"), with a syndicate of underwriters led by Cormark Securities Inc. as sole bookrunner, and
including CIBC World Markets Inc., H.C. Wainwright & Co., LLC and Roth Capital Partners, LLC
(collectively the "Underwriters").
With the Underwriters having exercised in full the over-allotment option, the Company has issued a
total of 19,828,300 Common Shares at a price of
$1.45
per Common Share for aggregate gross
proceeds of approximately
$28.75 million
.
In connection with the Offering, the Company paid the Underwriters a cash commission equal to
2.5% of
$12.0 million
in gross proceeds raised pursuant to sales to members of the president's list
and 5.0% of the gross proceeds from the remainder of the Offering, including proceeds received
from the exercise of the over-allotment option.
The Company intends to use the net proceeds from the sale of the Common Shares to fund its
exploration, engineering and permitting activities and for general working capital purposes.
This press release does not constitute an offer to sell or the solicitation of an offer to buy securities,
nor will there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale
would be unlawful prior to the registration or qualification under the securities laws of any such
jurisdiction. The securities being offered have not been approved or disapproved by any regulatory
authority, nor has any such authority passed upon by the accuracy or adequacy of the Prospectus
Supplements, the Base Shelf Prospectuses or the Registration Statement.
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 & CEO
Western Copper and Gold Corporation
Cautionary Disclaimer Regarding Forward-Looking Statements and Information
This news release contains certain forward-looking statements concerning the Offering and the use
of proceeds therefrom, anticipated developments in Western's operations in future periods and
other matters that may occur in the future. 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.
These forward-looking statements may include, but are not limited to, statements regarding the
anticipated use of proceeds and other future plans; or other statements that are not statement of
fact. In making the forward-looking statements herein, the Company has applied certain material
assumptions including, but not limited to, the assumptions that the Company will be able to raise
additional capital as necessary; the circumstances surrounding the COVID-19 pandemic, although
evolving, will stabilize or at least not worsen; that the extent to which COVID-19 may impact the
Company, including without limitation disruptions to the mobility of Company personnel, increased
labour and transportation costs, and other related impacts, will not change in a materially adverse
manner; that all regulatory approvals required to complete the Company's planned exploration and
development activities will be received in a timely manner and on acceptable terms; that the
Company is able to procure personnel, equipment and supplies required for its exploration and
development activities in sufficient quantities and on a timely basis; and 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; COVID-19 risks to employee health and safety and a slowdown or
temporary suspension of operations in geographic locations impacted by an outbreak;
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:
Paul West-Sells, [email protected]
CO: Western Copper and Gold Corporation
CNW 09:36e 24-NOV-20