Western Copper and Gold Closes Private Placement and Announces CFO
Western Copper and Gold Closes Private
Placement and Announces CFO
VANCOUVER
,
Feb. 28, 2020
/CNW/ - Western Copper and Gold Corporation ("Western" or the
"Company") (TSX: WRN; NYSE American: WRN) is pleased to report that it has completed the
private placement previously
announced on
February 21, 2020
(the "Private Placement") wherein
strategic investor,
Michael Vitton
, purchased 3,000,000 units (the "Units") at a price of
$0.65
per
Unit to raise gross proceeds of
$1.95 million
.The proceeds from the Private Placement will be used
for development of the Casino Project and for general corporate purposes.
Each Unit consists of one common share of the Company (a "Share") and half of one warrant (each
whole warrant, a "Warrant"). Each Warrant entitles the holder to purchase one additional Share at a
price of
$0.85
until
February 28, 2025
.
The Shares, Warrants and any Shares issued upon exercise of the Warrants are subject to a hold
period and may not be traded until
June 29, 2020
except as permitted by applicable securities
legislation and the rules and policies of the Toronto Stock Exchange.
VARUN PRASAD APPOINTED CFO
Mr.
Varun Prasad
has been appointed to the position of Chief Financial Officer ("CFO") of Western,
which appointment will become effective
March 1, 2020
. Mr. Prasad has worked on the Finance
team for Western since 2011, previously as Corporate Controller and most recently as Interim CFO.
Mr. Prasad has extensive experience in financial reporting and regulatory matters. He holds a B.A.
Technology (Accounting) from British Columbia Institute of Technology and is a member of the
Chartered Professional Accountants of B.C. Mr. Prasad will report to President & CEO,
Paul West-
Sells
, and oversee the day to day financial operations of the Company.
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 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 use of
proceeds from the Private Placement. 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:
Chris Donaldson, Director, Corporate Development, 604.638.2520 or
CO: Western Copper and Gold Corporation
CNW 14:56e 28-FEB-20