Western Copper up on 5% stake sale to Mitsubishi Materials

Mitsubishi Materials

24/03/2023 14:25

** Shares of Western Copper and Gold Corp  WRN.TO  up 3.8%
at C$2.46
    ** WRN to sell 5% stake to Japan's Mitsubishi Materials Corp
 5711.T  to advance copper-gold Casino Project in the Yukon
territory, Canada
    ** Assuming WRN's shareholder Rio Tinto  RIO.AX   RIO.L 
elects to exercise its participation right in full, WRN expects
to issue 8.1 mln shares to Mitsubishi for C$21.3 mln ($15.46
mln) in aggregate gross proceeds
    ** Mitsubishi will also have the right to appoint greater of
one director or 17% of the number of directors, if Mitsubishi
Materials' ownership increases to at least 12.5%
    ** WRN up 1.2% so far this year


($1 = 1.3776 Canadian dollars)

 (Reporting by Arunima Kumar in Bengaluru)
 ((Arunima.Kumar@thomsonreuters.com; Twitter: https://twitter.com/Aru_Kumar94))