WRN - Western Copper partner Rio Tinto to maintain stake for C$2.3M

2023-04-11 08:43:18 ET

Western Copper & Gold ( NYSE: WRN ) said Tuesday its partner Rio Tinto ( RIO ) will participate in a strategic investment and maintain its interest in the company.

Western Copper ( WRN ) said Rio Tinto ( RIO ) will subscribe for 878.8K common shares for ~C$2.3M in proceeds, allowing Rio to maintain its 7.84% interest.

The proceeds will be used to support Western Copper's ( WRN ) Casino copper-gold project in the Yukon.

Last month , the company announced that Mitsubishi Materials made a strategic investment in the company for ~C$21.3M.

Western Copper ( WRN ) could be in for a rough ride as the metal turns bearish, Alberto Abaterusso writes in an analysis published recently on Seeking Alpha .

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