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Western Copper and Gold Announces C$25.6 Million Strategic Investment by Rio Tinto
Western Copper and Gold Announces C$25.6 Million Strategic Investment by Rio Tinto ...
About this update from Western Copper And Gold Corporation
[{"type":"text","content":"\n \n \n \n Western Copper and Gold Announces C$25.6 Million Strategic Investment by Rio Tinto\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n VANCOUVER, BC\n \n ,\n \n May 17, 2021\n \n /CNW/ - Western Copper and Gold Corporation (\"Western\" or the \"Company\") (TSX: WRN) (NYSE American: WRN) announces a\n \n C$25.6 million\n \n strategic investment by Rio Tinto Canada Inc. (\"Rio Tinto\"), to advance the Company's copper-gold Casino Project in the\n \n Yukon\n \n .\n \n \n \n \n \n \n \n \n \n Rio Tinto has agreed to subscribe for and purchase 11,808,490 common shares at a price of\n \n C$2.17\n \n per share for aggregate gross proceeds of approximately\n \n C$25.6 million\n \n , resulting in Rio Tinto owning approximately 8.0% of Western's outstanding common shares.\n \n \n \"We are pleased to welcome Rio Tinto as a strategic investor in the Company,\" said\n \n Paul West-Sells\n \n , President and CEO. \"The investment by Rio Tinto, a leading global mining group which operates in 35 countries around the world, and whose purpose is to produce the materials essential to human progress is a strong endorsement of the Casino Project.  We look forward to working with Rio Tinto to advance Casino.\"\n \n \n Western remains the sole owner of the Casino Project and will continue to be the operator. The Company will use the proceeds of the strategic investment to fund specific areas of study, which will form part of the feasibility study and permitting with the aim of progressing to a development phase for the Casino Project. The investment represents an opportunity for Rio Tinto to better understand the potential of the Casino Project.\n \n \n In connection with the strategic investment by Rio Tinto, the Company and Rio Tinto will enter into an investor rights agreement, whereby, subject to certain conditions, including time and ownership thresholds, Rio Tinto will have certain rights, including the right to appoint:\n \n \n \n one member to a Casino Project Technical Committee\n \n \n one non-voting observer to attend all mee...