On December 12, 2023, Western Copper and Gold Corporation completed a further $6 million investment and entered into an amended and restated investor rights agreement with Rio Tinto Canada Inc. to continue to advance Western Copper and Gold’s Casino Project in the Yukon.
Rio Tinto has agreed to subscribe for and purchase 3,468,208 common shares at a price of $1.73 per share for aggregate gross proceeds of approximately $6 million, resulting in Rio Tinto’s ownership increasing to approximately 9.7% of Western Copper and Gold’s outstanding common shares.
Western Copper and Gold remains the sole owner of the Casino Project and will continue to be the operator. It will use the proceeds of this further investment to fund specific areas of study, specifically around providing infrastructure for the Casino Project, and streamlining the regulatory process, with the aim of progressing through permitting to a development phase for the Casino Project.
Cassels acted for Western Copper and Gold.