Rio Tinto opts to participate in Western Copper and Gold share offering
Rio Tinto will retain its current 9.7% interest in the company.
Western Copper and Gold Corporation has released details regarding a pending deal with Rio Tinto Canada Inc.
Rio Tinto Canada has opted to fully participate in Western Copper and Gold’s current offering and will subscribe for more than 2.2 million common company shares at a C$1.90 per share price point. Proceeds will total more than C$4.3m.
Western Copper and Gold further described the details of the agreement in an official statement, “In connection with the Company’s offering of common shares for gross proceeds of approximately $40m announced on April 16, 2024, Rio Tinto Canada Inc. has notified the company that it will exercise its participation right in full, allowing Rio Tinto to maintain its interest of approximately 9.7%.
“In the event that the over-allotment option granted to the underwriters in connection with the offering is exercised in full, Rio Tinto will subscribe for an additional 340,420 common shares for additional proceeds of C$646,798.”
Western Copper and Gold anticipates that the subscription will wrap up “on or about May 6.” The deal is subject to approval from both the NYSE American LLC and from the Toronto Stock Exchange.
Common shares involved would also “be subject to a statutory hold period in accordance with applicable securities legislation.”
In other company news, Western Copper and Gold’s latest development, the Casino Project is currently underway. Both Western Copper and Gold and Rio Tinto Canada will continue to partner on the company’s casino project in the Yukon.
Under the terms of the amended agreement, Western will continue to function as the casino project’s sole owner and operator.
Tags/Keywords
Players trust our reporting due to our commitment to unbiased and professional evaluations of the iGaming sector. We track hundreds of platforms and industry updates daily to ensure our news feed and leaderboards reflect the most recent market shifts. With nearly two decades of experience within iGaming, our team provides a wealth of expert knowledge. This long-standing expertise enables us to deliver thorough, reliable news and guidance to our readers.
Latest News
