VANCOUVER, BC, April 14,
2023 /CNW/ - Western Copper and Gold Corporation
("Western" or the "Company") (TSX: WRN) (NYSE American: WRN)
announces it has completed its previously announced C$21.3 million strategic equity investment by
Mitsubishi Materials Corporation ("Mitsubishi Materials") to
further advance the Company's copper-gold Casino Project in the
Yukon.
Mitsubishi Materials acquired 8,091,390 common shares of the
Company (the "Shares") at a price of C$2.63 per Share for proceeds of approximately
C$21.3 million, resulting in
Mitsubishi Materials owning approximately 5.0% of Western's issued
and outstanding Shares, on an undiluted basis (following completion
of the Rio Tinto subscription).
As previously announced, Rio Tinto Canada Inc. ("Rio Tinto")
will subscribe for 878,809 Shares at a price of C$2.63 per Share for proceeds of approximately
C$2.3 million, allowing Rio Tinto to
maintain its interest of approximately 7.84%. The Rio Tinto
subscription is expected to be completed on or before May 1, 2023.
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.
The Company is committed to working collaboratively with our
First Nations and local communities to progress the Casino project,
using internationally recognized responsible mining technologies
and practices.
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, including statements with respect to the
expected closing date for the Rio Tinto subscription.
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