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EXPLORATION
Western Copper seeks C$5,38m in flow-through offering
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27th November 2009
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TORONTO (miningweekly.com) – TSX-listed Western Copper plans to sell flow-through shares and warrants in a private placement to raise about C$5,38-million, the company said on Friday.

The firm has appointed Casimir Capital to act as agent in connection with the placement, and Kingsdale Capital Markets and D & D Securities Company will also participate as part of the selling group.

Western Copper will offer up to 2,15-million units, each comprising one flow-through common share and one common-share purchase warrant.

The units will be priced at C$2,50 apiece and the company's agent will receive a cash commission equal to 6% of the gross proceeds and warrants equal to 4% of the units sold by the agent.

Western Copper said it will use the money raised mainly for exploration at its Casino gold/copper/molybdenum project, in the Yukon territory.

Canada's flow-through system allows junior companies to 'flow through' their exploration expenses  in Canada to Canadian investors, and the investors can in turn use these expenses to offset their income and reduce their income taxes.

The firm has three other projects, including the Carmacks copper project, also in the Yukon.

Edited by: Liezel Hill
 
 
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