/NOT FOR DISSEMINATION IN THE UNITED STATES OR THROUGH U.S.
NEWSWIRES/
VANCOUVER, Feb. 21, 2020 /CNW/ - Western Copper and Gold
Corporation ("Western" or the "Company") (TSX: WRN; NYSE American:
WRN) announces that strategic investor, Michael Vitton, has agreed to purchase 3,000,000
units (the "Units") at a price of $0.65 per Unit to raise gross proceeds of up to
$1.95 million on a private placement
basis (the "Private Placement").
Each Unit will consist of one common share of the Company (a
"Share") and half of one non-transferable warrant (each whole
warrant, a "Warrant"). Each Warrant will entitle the holder to
purchase one additional Share at a price of $0.85 for a period of 60 months from closing.
Western plans to close the Private Placement as soon as
practicable subject to receipt of all necessary regulatory
approvals, including the approval of the TSX.
The Company intends to use the proceeds from the Private
Placement for development of the Casino Project and for general
corporate purposes.
This news release does not constitute an offer to sell or a
solicitation of an offer to sell any of the securities in
the United States. The securities
have not been and will not be registered under the United States
Securities Act of 1933, as amended (the "U.S. Securities Act") or
any state securities laws and may not be offered or sold within
the United States unless
registered under the U.S. Securities Act and applicable securities
laws or an exemption from such registration is available.
ABOUT MICHAEL VITTON
Mr. Vitton is the former Executive Managing Director, Head, US
Equity Sales, Bank of Montreal Capital Markets (BMO Capital
Markets) where he originated and placed more than USD $200 billion through public and secondary
offerings and M&A transactions.
Mr. Vitton, has acted as seed investor, lead/co-lead underwriter
or in a M&A capacity in some of the most important deals in the
metal resource sector including African Platinum Ltd., Arequipa
Resources Ltd., Bema Gold Corp, Brancotte Resources, Comaplex
Minerals Corp., Diamond Fields Resources Inc., Echo Bay Mines Ltd.,
Francisco Gold Corp., Franco-Nevada Corp., Gammon Gold Inc.,
Getchell Gold Corp., Golden Shamrock Mines Ltd., Guinor Resources
Ltd., Hemlo Gold Mines Inc., Ivanhoe Mines Ltd., Meridian Gold
Inc., MexGold Resources Inc., Minefinders Corporation Ltd., Moto
Goldmines Ltd., New Gold Inc., Northern Orion Resources Inc., Peru
Copper Inc., Wheaton River Minerals Ltd., Randgold Resources Ltd.,
Rio Narcea Gold Mines Ltd., Skye Resources Inc., Semafo Inc., Sino
Gold Mining Ltd., Eurasia Mining PLC, Uramin Inc., Osisko Mining
Inc., and Detour Gold Corp. among many others.
Mr. Vitton was also the co-founder of MMX Minerals e Metalicos
SA (Brazil) ("MMX") and LLX
Logistica SA (Brazil). MMX sold
Minas Rio and Amapa assets to Anglo American Corporation for USD
$5.5 billion in cash in December 2008, returning USD $8.8 billion in cash or stock distributions to
MMX shareholders, offering six times return from IPO after only two
years. LLX Logistica (Acu Port) was
sold to EIG (Energy Infrastructure Group). Additionally, he co-
founded Petro Rio SA, one of the leading Brazilian public oil and
gas producers, commanding today a market capitalization of USD
$1.5 billion dollars.
Recently, Mr. Vitton has acted as seed investor and capital
markets advisor from inception to Newmarket Gold Inc., sold to
Kirkland Lake Gold Ltd. for CAD $ 1
billion, combining to form a CAD $2.4
billion company. Kirkland Lake Gold Ltd. was awarded 2018
Digger of the Year (Diggers and Dealers). He acted as investor and
capital markets advisor to ASX-listed Gold Road Resources Ltd.,
raising AUD $57 million, and bringing
the Gruyere gold mine into production jointly with Gold Fields SA.
Gold Road Resources Ltd. won the Diggers and Dealers award for best
deal in 2017. Mr. Vitton is partner and member of P5
Infrastructure, operating in partnership with EQT
Infrastructure/CMA CGM, where EQT Infrastructure/P5 Infrastructure
acquired 90% of Global Gateway South Terminal, a deep sea terminal
in Long Beach Harbor, CA.
Mr. Vitton is a graduate of the University
of Michigan Business School, former Seat Holder, NYSE, and
former President, New York Society of Metals Analysts. He has
invested and partnered with some of the largest sovereign fund,
private equity funds, mutual and hedge funds. Mr. Vitton is focused
on the energy, infrastructure, industrial and mining sectors.
ABOUT WESTERN COPPER AND GOLD CORPORATION
Western Copper and Gold Corporation is developing the Casino
Project, Canada's premier
copper-gold mine in the Yukon
Territory and one of the most economic greenfield
copper-gold mining projects in the world. For more
information, visit www.westerncopperandgold.com.
On behalf of the board,
"Paul West-Sells"
Dr. Paul West-Sells
President and CEO
Western Copper and Gold Corporation
Cautionary Disclaimer Regarding Forward-Looking Statements
and Information
This news release contains certain forward-looking statements
concerning anticipated developments in Western's operations in
future periods. Statements that are not historical fact are
"forward-looking statements" as that term is defined in
the United States Private
Securities Litigation Reform Act of 1995 and "forward looking
information" as that term is defined in National Instrument 51-102
("NI 51-102") of the Canadian Securities Administrators
(collectively, "forward-looking statements"). Forward-looking
statements are frequently, but not always, identified by words such
as "plans", "expects", "anticipates", "believes", "intends",
"estimates", "potential", "possible" and similar expressions, or
statements that events, conditions or results "will", "may",
"could" or "should" occur or be achieved. These forward-looking
statements may include, but are not limited to, statements
regarding the anticipated closing date of and the use of proceeds
from the Private Placement. In making the forward-looking
statements herein, the Company has applied certain material
assumptions including, but not limited to, the assumptions that all
regulatory approvals will be received in a timely manner and on
acceptable terms; that general business conditions will note change
in a materially adverse manner and that the Private Placement will
proceed as planned.
Forward-looking statements are statements about the future
and are inherently uncertain, and actual results, performance or
achievements of Western and its subsidiaries may differ materially
from any future results, performance or achievements expressed or
implied by the forward-looking statements due to a variety of
risks, uncertainties and other factors. Such risks and other
factors include, among others, risks involved in fluctuations in
gold, copper and other commodity prices and currency exchange
rates; the risks and uncertainties related to the Private Placement
not being completed in the event that the conditions precedent
thereto (including receipt of requisite regulatory approvals) are
not satisfied; uncertainties related to raising sufficient
financing in a timely manner and on acceptable terms; and other
risks and uncertainties disclosed in Western's AIF and Form 40-F,
and other information released by Western and filed with the
applicable regulatory agencies.
Western's forward-looking statements are based on the
beliefs, expectations and opinions of management on the date the
statements are made, and Western does not assume, and expressly
disclaims, any intention or obligation to update or revise any
forward-looking statements whether as a result of new information,
future events or otherwise, except as otherwise required by
applicable securities legislation. For the reasons set forth above,
investors should not place undue reliance on forward-looking
statements.
SOURCE Western Copper and Gold Corporation