In a significant development for the mining industry, Western Copper and Gold Corporation has successfully closed a $33 million offering to advance its flagship Casino project in the Yukon Territory. This infusion of capital is a major step forward for the company as it seeks to bring its world-class copper-gold project closer to production.
The offering consisted of a combination of common shares and flow-through shares, with a total of 10 million shares being issued at a price of $3.30 per share. This financing was oversubscribed, highlighting the strong investor interest in Western Copper and Gold and its Casino project. The company plans to use the proceeds to fund further exploration and development activities at the site, as well as to advance its feasibility study and permitting process.
The Casino project is situated in the heart of the Yukon, a region known for its rich mineral deposits and favorable mining regulations. With an estimated resource of 5.4 billion pounds of copper and 9.9 million ounces of gold, the project has the potential to become one of the largest mining operations in North America. In addition to its size, the high grades of copper and gold at the site make it an attractive investment opportunity for both domestic and international investors.
Western Copper and Gold has a strong track record of success in the mining industry, with a team of experienced professionals leading the development of the Casino project. The company has already completed a pre-feasibility study that demonstrates the economic viability of the project, and it is now working towards completing a full feasibility study that will provide investors with a more detailed understanding of the project’s potential.
In a statement following the closing of the offering, Western Copper and Gold CEO Paul West-Sells expressed his gratitude for the support of investors and reiterated the company’s commitment to advancing the Casino project. He noted that the financing will allow the company to accelerate its exploration and development activities, bringing the project one step closer to becoming a world-class mining operation.
Investors and industry analysts are closely watching the progress of the Casino project, as it has the potential to significantly impact the global supply of copper and gold. With this latest financing, Western Copper and Gold is well-positioned to continue its march towards production, further solidifying its place as a leader in the mining sector.