Western Copper and Gold upsizes capital raising to $28.8 million
|Casino copper-gold project, Yukon. Image credit: Western Copper and Gold.|
(Kitco News) - Western Copper and Gold (TSX: WRN; NYSE American: WRN) announced that in connection with its previously announced over-night marketed offering of common shares of the company, the company and a syndicate of underwriters have agreed to increase the size of the previously announced financing.
Pursuant to the amended terms, the company has agreed to sell 17,242,000 common shares at a price of $1.45 per common share for gross proceeds of approximately $25.0 million.
The company has granted the underwriters an option, exercisable in whole or in part, at the sole discretion of the underwriters, for a period of 30 days from and including the closing of the offering, to purchase up to an additional 2,586,300 common shares at the offering price. If the over-allotment option is exercised in full, the total gross proceeds to the company would be approximately $28.8 million. Previously announced offering was in the amount of not less than $20.0 million.
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.
Western Copper and Gold 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.