The time was ripe for Western Copper and Gold to upsize. Thus it raised $28.8 million in capital from the sale of common shares. It is a good move for a company that wants to use the proceeds for exploration, engineering, and general working capital purposes.
Of note, Western Copper and Gold is developing the Casino project, Canada’s premier copper-gold mine in the Yukon Territory, which happens to be one of the most economic greenfield copper-gold mining projects in the world.
The financing all works through a syndicate of underwriters. The amended offering is for 17,242,000 common shares at $1.45 per common share for gross proceeds of approximately $25.0 million.
These underwriters have been granted an option, exercisable in whole or in part, for a period of 30 days from the closing of the offering. They can purchase an additional 2,586,300 common shares at the offering price.
Upon the exercised of the option in full, the total gross proceeds would reach up to $28.8 million. Of note, the previous offering was smaller, at not less than $20 million.