Bitfury
4 years ago
WRN - Western Gold -
https://www.westerncopperandgold.com/news-and-resources/news-release/western-copper-and-gold-announces-strategic-investment-by-michael-vitton/
Western Copper and Gold Announces Strategic Investment by Michael Vitton
VANCOUVER, B.C. Western Copper and Gold Corporation (“Western” or the “Company”) (TSX: WRN; NYSE American: WRN) announces that strategic investor, Michael Vitton, has agreed to purchase 3,000,000 units (the “Units”) at a price of $0.65 per Unit to raise gross proceeds of up to $1.95 million on a private placement basis (the “Private Placement”).
Each Unit will consist of one common share of the Company (a “Share”) and half of one non-transferable warrant (each whole warrant, a “Warrant”). Each Warrant will entitle the holder to purchase one additional Share at a price of $0.85 for a period of 60 months from closing.
Western plans to close the Private Placement as soon as practicable subject to receipt of all necessary regulatory approvals, including the approval of the TSX.
The Company intends to use the proceeds from the Private Placement for development of the Casino Project and for general corporate purposes.
This news release does not constitute an offer to sell or a solicitation of an offer to sell any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) or any state securities laws and may not be offered or sold within the United States unless registered under the U.S. Securities Act and applicable securities laws or an exemption from such registration is available.
ABOUT MICHAEL VITTON
Mr. Vitton is the former Executive Managing Director, Head, US Equity Sales, Bank of Montreal Capital Markets (BMO Capital Markets) where he originated and placed more than USD $200 billion through public and secondary offerings and M&A transactions.
Mr. Vitton, has acted as seed investor, lead/co-lead underwriter or in a M&A capacity in some of the most important deals in the metal resource sector including African Platinum Ltd., Arequipa Resources Ltd., Bema Gold Corp, Brancotte Resources, Comaplex Minerals Corp., Diamond Fields Resources Inc., Echo Bay Mines Ltd., Francisco Gold Corp., Franco-Nevada Corp., Gammon Gold Inc., Getchell Gold Corp., Golden Shamrock Mines Ltd., Guinor Resources Ltd., Hemlo Gold Mines Inc., Ivanhoe Mines Ltd., Meridian Gold Inc., MexGold Resources Inc., Minefinders Corporation Ltd., Moto Goldmines Ltd., New Gold Inc., Northern Orion Resources Inc., Peru Copper Inc., Wheaton River Minerals Ltd., Randgold Resources Ltd., Rio Narcea Gold Mines Ltd., Skye Resources Inc., Semafo Inc., Sino Gold Mining Ltd., Eurasia Mining PLC, Uramin Inc., Osisko Mining Inc., and Detour Gold Corp. among many others.
Mr. Vitton was also the co-founder of MMX Minerals e Metalicos SA (Brazil) (“MMX”) and LLX Logistica SA (Brazil). MMX sold Minas Rio and Amapa assets to Anglo American Corporation for USD $5.5 billion in cash in December 2008, returning USD $8.8 billion in cash or stock distributions to MMX shareholders, offering six times return from IPO after only two years. LLX Logistica (Acu Port) was sold to EIG (Energy Infrastructure Group). Additionally, he co- founded Petro Rio SA, one of the leading Brazilian public oil and gas producers, commanding today a market capitalization of USD $1.5 billion dollars.
Recently, Mr. Vitton has acted as seed investor and capital markets advisor from inception to Newmarket Gold Inc., sold to Kirkland Lake Gold Ltd. for CAD $ 1 billion, combining to form a CAD $2.4 billion company. Kirkland Lake Gold Ltd. was awarded 2018 Digger of the Year (Diggers and Dealers). He acted as investor and capital markets advisor to ASX-listed Gold Road Resources Ltd., raising AUD $57 million, and bringing the Gruyere gold mine into production jointly with Gold Fields SA. Gold Road Resources Ltd. won the Diggers and Dealers award for best deal in 2017. Mr. Vitton is partner and member of P5 Infrastructure, operating in partnership with EQT Infrastructure/CMA CGM, where EQT Infrastructure/P5 Infrastructure acquired 90% of Global Gateway South Terminal, a deep sea terminal in Long Beach Harbor, CA.
Mr. Vitton is a graduate of the University of Michigan Business School, former Seat Holder, NYSE, and former President, New York Society of Metals Analysts. He has invested and partnered with some of the largest sovereign fund, private equity funds, mutual and hedge funds. Mr. Vitton is focused on the energy, infrastructure, industrial and mining sectors.
ABOUT WESTERN COPPER AND GOLD CORPORATION
Western Copper and Gold Corporation is developing the Casino Project, Canada’s premier copper-gold mine in the Yukon Territory and one of the most economic greenfield copper-gold mining projects in the world. For more information, visit www.westerncopperandgold.com.
On behalf of the board,
“Paul West-Sells”
Dr. Paul West-Sells
President and CEO
Western Copper and Gold Corporation
For more information, please contact:
Chris Donaldson
Director, Corporate Development
604.638.2520 or cdonaldson@westerncopperandgold.com
Guitarmanlife
10 years ago
akeover Bids Return to Canadian Mining
Western Copper and Gold Among Juniors That See Share Price Rise
VANCOUVER, British Columbia, Feb. 20, 2014 (GLOBE NEWSWIRE) -- A rising tide of mining M&A doesn't necessarily lift all resource stocks, but it certainly raises the prices and profiles of the best looking ones, particularly juniors: And raises the prospect of more bids to come.
To wit: Hudbay Minerals offered Augusta Resource shareholders $540 million ($2.26 in cash and .315 of an HBM share) representing an 18% premium over the pre-announcement close.
Goldcorp bid $5.95 a share in cash -- a 15% premium over close - for Osisko Mining. Shares immediately traded to $6 and change looking for a better offer. If closed, the $2.6 billion deal would be the biggest Canadian mining transaction in over a year.
Both bids are hostile and analysts see the potential for rival or higher bids.
"We saw our share price rise significantly in the week after the Hudbay-Augusta bid was announced," stated Dale Corman, mining industry veteran and Chairman of Western Copper and Gold (TSX:WRN) (NYSE:MKT). "Negativity had swung the pendulum too far and is now correcting, as investors pay more attention to copper supply issues and look for companies with large deposits, cash and that are closer to production."
The market after these bids helped lift some good quality junior stocks such as WRN that the market had been ignoring for some time. Adding to the compelling picture for copper companies is the fact that Augusta is close to the end of its permitting process, which was likely a major factor in the bid timing.
With almost $3 billion-plus potentially looking for a new home, post deals, the question arises, where will shareholders deploy their cash? They will likely be looking into situations similar to those that were just bought out.
In the Yukon, where WRN has its flagship Casino deposit, 4 mining permits have been granted in the last 7 years and they have taken just over 2 years on average to obtain. WRN has reported that they have spent the last 6 years and over $18 million dollars in preparation of their Environmental Assessment Application (Casino Mining Proposal) that was submitted in January of 2014.
The clock appears to be ticking now toward production as WRN advances the permitting process. If you take a look at the highlights of the project and consider the management team that is advancing the project, you'll see why WRN might be on the radar of the majors:
-- Large Deposit with over a billion tonnes of reserves
-- Upside Potential of an additional 1.7 billion tonnes of Inferred Resource
-- Great project economics ($1.8B NPV and 21.1% IRR after-tax as defined by
their bankable Feasibility Study in 2013)
-- Located in a politically stable jurisdiction
The ongoing spectre of copper shortages, which lends more fuel to the current M&A activity, is evidenced by the London Metal Exchange (LME) inventory, which is down to 300,000 tonnes from record highs in the summer of 2013. With Chinese inventories also down, most commercial buyers have little choice than to buy LME grade copper, putting mounting upward pressure on price.
Energy and mining analysts Wood Mackenzie contend that 4.5Mt of greenfield (new sites) copper production will be needed by 2022. For context, that amount represents the equivalent of the production from 45 Casino projects. Arguably, it's difficult to see much downside in the copper price at current levels or any slowdown in M&A activity in the sector.
WRN's shares are currently trading about 50% higher than they did two months ago. Western's Feasibility study for Casino showed excellent economics with a 20.1% after-tax IRR and a $1.8-billion NPV at an 8% discount rate (based on US$3 copper and US$1,400 gold).
Probably the best asset WRN has going for it is the management team that Corman has kept together since he ran Western Silver and sold off the Penasquito project to Glamis (Goldcorp) for $1.6 Billion in 2006.
For Corman's part, he brings a successful career that has spanned almost half a century. Given his experience, WRN, with its exceptional potential just seems like business as usual to hear him tell the story.
In a recent article on CEO.ca, Corman states: "I talk to investors, and some of them have never heard of the name Western Copper and Gold. When suddenly the light comes back on, they'll come to us rather than to another name." He continues, "As we move the project towards production they'll make out extremely well."
Sage advice.
Legal Disclaimer/Disclosure: A fee has been paid for the production and distribution of this Report. This document is not and should not be construed as an offer to sell or the solicitation of an offer to purchase or subscribe for any investment. No information in this article should be construed as individualized investment advice. A licensed financial advisor should be consulted prior to making any investment decision. Financial Press makes no guarantee, representation or warranty and accepts no responsibility or liability as to its accuracy or completeness. Expressions of opinion are those of the author's only and are subject to change without notice. Financial Press assumes no warranty, liability or guarantee for the current relevance, correctness or completeness of any information provided within this article and will not be held liable for the consequence of reliance upon any opinion or statement contained herein or any omission. Furthermore, we assume no liability for any direct or indirect loss or damage or, in particular, for lost profit, which you may incur as a result of the use and existence of the information, provided within this article.
Also, please note that republishing of this article in its entirety is permitted as long as attribution and a back link to FinancialPress.com are provided. Thank you.
CONTACT: Western Copper and Gold:
1800 - 570 Granville Street
Vancouver, BC
Canada, V6C 3P1
Tel: +1 604 684 9497
Toll Free: 1 888 966 9995
Fax: +1 604 669 2926
Email: info@westerncopperandgold.com
(MORE TO FOLLOW) Dow Jones Newswires
February 20, 2014 14:57 ET (19:57 GMT)
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