Western Copper and Gold Corporation (TSX:WRN) (NYSE American:WRN) announces that it has completed its previously announced non-brokered private placement.
Under the Private Placement, the Company has issued 2,905,066 units at a price of $1.15 per Unit for aggregate gross proceeds of $3.34 million. Each Unit consists of one common share of the Company and half of one non-transferable warrant. Each Warrant entitles the holder to purchase one additional Share at a price of $1.75 until February 8, 2020.
All Shares, including Shares issued upon exercise of Warrants, are subject to a hold period and may not be traded until June 9, 2018. The Company has also paid total finders’ fees of $43,154 in respect of the private Placement.
The following insiders participated in the Private Placement: Paul West-Sells, President and CEO – 13,000 Units; Julien François, Chief Financial Officer – 20,000 Units; and Robert Gayton, Director – 15,000 Units. The participation in the Private Placement by the Insiders constitutes a “related party transaction” as defined in Multilateral Instrument 61-101. This transaction is exempt from the formal valuation and minority shareholder approval requirements of MI 61-101, as neither the fair market value of the securities issued to, nor the consideration paid by any of the Insiders exceeds 25% of the Company’s market capitalization.
The Company intends to use the net proceeds from the Private Placement for permitting and development of the Casino Project and for general corporate purposes.
The Company did not file a material change report more than 21 days before the expected closing of the Private Placement as the details of the participation therein by related parties of the Company were not settled until shortly prior to closing of the Private Placement and the Company wished to close on an expedited basis for sound business reasons.
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.
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