The share price of Toronto-listed Western Copper and Gold surged 24% on Monday, after the company announced a C$25.6-million strategic investment by Rio Tinto Canada to advance its Casino project in the Yukon.
Rio Tinto has agreed to subscribe for, and purchase, 11.8-million shares at C$2.17 each, resulting in the major owning about 8% of Western’s outstanding common shares.
Western’s stock closed at C$2.47 a share on Monday.