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Western Copper welcomes Mitsubishi investment – Canadian Investor

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Western Copper welcomes Mitsubishi investment CanadiansInvest

-TSX, NYSE American] said Friday it will receive a strategic investment by Japanese industrial giant Mitsubishi Materials Corp. to further advance the company’s 100%-owned Casino copper-gold-molybdenum deposit in the Canadian Yukon.

If Rio Tinto exercises its participation right in full, it is expected that 8.1 million shares will be issued to Mitsubishi Materials for aggregate proceeds of $21.3 million, and 878,809 shares would be issued to Rio Tinto, worth $2.3 million. Those rights will remain in place until the earlier of its ownership falling below 3.0% or until the date that is 24 months after the investment is completed.

 

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