Home Equities Score Here is why Western Copper and Gold Corp (WRN) stock rallied on...

Here is why Western Copper and Gold Corp (WRN) stock rallied on Monday?

Western Copper and Gold Corp (WRN) stock started the new week by gaining 26.22% in the normal trading session on Monday, May 17, 2021, and closed at $2.07 per share. later WRN shares lost 0.97% in the after-market session.

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WRN shares have soared 186.47% over the last 12 months, and they have moved up 23.95% in the past week. Over the past three months, the stock has gained 38.00%, while over the past six months, it has risen 84.82%.

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Let’s checkout WRN latest developments

C$25.6 million strategic investment by Rio Tinto

On May 17, 2021, Western Copper and Gold Corporation said that Rio Tinto Canada Inc is going to invest C$25.6 million in the company’s copper-gold Casino Project in the Yukon.

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According to details, Rio Tinto will purchse11,808,490 common shares at C$2.17 per share for aggregate gross proceeds of approximately C$25.6 million, resulting in Rio Tinto owning approximately 8.0% of Western’s outstanding common shares.

Participation in the events

Western Copper and Gold Corporation Participated in the following virtual events held recently.

  • WRN participated in the virtual H.C. Wainwright Spring Mining Conference which held on April 19-20, 2021.
  • WRN participated in the World Gold Forum, presented by the Denver Gold Group which held on April 13-15, 2021.
  • WRN participated in the Copper Panel hosted by 6ix which held on April 6, 2021.
  • WRN participated virtually in Invest Canada North, Post PDAC Investment Summit which held on March 25, 2021.
  • WRN participated in the Mines & Money Online Connect event which held on March 23-26, 2021.

Exploration results from the Casino Project, Yukon

On February 2, 2021, Western Copper and Gold Corporation released the assay results from the 2020 exploration diamond drilling program at its wholly-owned Casino Project located in the Yukon Territory, Canada.

The exploration program consisted of 12,008 m of diamond drilling in 49 holes. The four major drilling targets were “Gold Zone”, “Northern Porphyry Zone”; “Casino West Zone” “Ana Zone”. the detailed results are provided on the company’s website.

The closing offering of common stock

On November 24, 2020, Western Copper and Gold Corporation closed the previously announced offering of common shares of the Company with a syndicate of underwriters led by Cormark Securities Inc.

The company will get gross proceeds of approximately $28.75 million by offering19,828,300 common shares at $1.45 per common share.

Conclusion

The strategic C$25.6 million investment news by Rio Tinto took the WRN stock to new heights on Monday. We can expect WRNto surge more in the coming days.

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About the company

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. 

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