The company plans to use the net proceeds to advance permitting and engineering activities. Credit: Maksim Safaniuk via Shutterstock.com.

Western Copper and Gold has reached an agreement with Eight Capital, acting for a syndicate of underwriters, to sell 13,158,000 common shares at $1.90 each, aiming to raise gross proceeds of $25.2m (C$34.77m).

The bought-deal offering is expected to bolster the company’s financial position as it advances its Casino Project in the Yukon Territory.

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In addition to the initial offering, the underwriters have been granted an over-allotment option.

Under the option, they can buy up to a further 1,973,700 common shares, which is 15% of the offering, to manage over-allotments and for market stabilisation, exercisable within 30 days post-closing.

The net proceeds from the offering are earmarked for the progression of permitting and engineering activities at the Casino Project.

Additionally, Western Copper and Gold also intends to allocate funds for general corporate and working capital purposes.

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Casino Project, located in the Yukon Territory, is expected to be one of the most economically viable greenfield copper-gold mining projects globally.

The company emphasises its commitment to responsible mining practices and collaboration with First Nations and local communities.

The offering is scheduled to close around 30 April 2024, contingent on receiving all necessary regulatory approvals, including those from the Toronto Stock Exchange and the NYSE American.

Earlier this month, Western Mines Group initiated deep diamond drilling at its Mulga Tank Project on the Minigwal Greenstone Belt in Western Australia, after completing a phase two reverse circulation drilling programme.

The aim of this drill-hole is to explore the potential for a sulphide-enriched keel within the deepest segment of the Mulga Tank complex.