Western Copper (WRN) announced a further C$6M investment and the entry into an amended and restated investor rights agreement by Rio Tinto Canada (RIO), to continue to advance the company’s Casino Project in the Yukon. Rio Tinto has agreed to subscribe for and purchase 3,468,208 common shares at a price of C$1.73 per share for aggregate gross proceeds of approximately C$6M, resulting in Rio Tinto’s ownership increasing to approximately 9.7% of Western’s outstanding common shares. Western remains the sole owner of the Casino Project and will continue to be the operator. The company 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.
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