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Western Copper Shareholders Approve Spin-Out of Copper North Mining Corp. and NorthIsle Copper and Gold Inc.
Western Copper Corporation (“Western Copper” or the “Company”) (TSX:...
About this update from Western Copper And Gold Corporation
[{"type":"text","content":"\nWestern Copper Shareholders Approve Spin-Out of Copper North Mining Corp. and NorthIsle Copper and Gold Inc.\n\nWestern Copper Corporation (“Western Copper” or the “Company”) (TSX:WRN) (NYSE Amex: WRN) is pleased to announce its shareholders have voted 38,613,048 shares (99.8%) in favour of approving the spin-out of Copper North Mining Corp. (“Copper North”) and NorthIsle Copper and Gold Inc. (“NorthIsle”) at a special meeting of shareholders held today in Vancouver. \nThe transaction will include the transfer of Western Copper’s 100% interest in the Carmacks Copper Project and the Redstone Project, along with $2 million, to Copper North, and the transfer of the Company’s 100% interest in the Island Copper Project, along with $2.5 million, to NorthIsle.\nThe spin-out will be completed by way of plan of arrangement, as part of which the Company will also change its name from Western Copper Corporation to Western Copper and Gold Corporation to better reflect the significant gold mineral resources and reserves in the Casino project. Upon completion of the plan of arrangement, Western Copper shareholders will be entitled to receive one-half of a common share of Copper North, one-half of a common share of NorthIsle and one common share of the renamed Western Copper and Gold Corporation for every one common share of the existing Western Copper. \nEach Western Copper warrant holder on the effective date of the plan of arrangement will be entitled to receive on exercise of such warrants following the effective date of the plan of arrangement for the same exercise price, one-half of a common share of Copper North, one-half of a common share of NorthIsle and one common share of the renamed Western Copper and Gold Corporation in lieu of one common share of the current Western Copper. \nEach Western Copper option holder on the effective date of the plan of arrangement will receive new options, as applicable, for renamed Western Copper and Gold Corporation shares, Copper North shares and NorthIsle shares at adjusted exercise prices. The adjusted exercise prices will be based on the volume weighted average trading price of the Western Copper and Gold shares, Copper North shares and NorthIsle shares for the five trading days following the dates on which the Copper North sh...