TSX-listed Western Copper and Gold has announced a further C$6-million investment from Rio Tinto Canada to continue to advance its Casino project, in the Yukon.
Rio Tinto will subscribe for, and purchase, 3 458 208 common shares at C$1.73 a share.
Western, which remains the sole owner of the Casino project, will use the proceeds of this further investment to fund specific areas of study, specifically around providing infrastructure, and streamlining the regulatory process, with the aim of progressing through permitting to a development phase for the Casino project.
"We are pleased that Rio Tinto has elected to continue to invest and work with Western to advance the Casino project, with a focus on furthering infrastructure development and streamlining the regulatory process," said president and CEO Paul West-Sells.
In connection with this further investment by Rio Tinto, the company and Rio Tinto will enter into an amended and restated investor rights agreement, whereby, subject to certain conditions, including ownership thresholds, Rio Tinto will have certain rights for a period of 18 months from closing of the investment.