VANCOUVER, Oct. 3, 2011 /PRNewswire/ - Western Copper
Corporation ("Western Copper" or the "Company") (TSX:WRN; NYSE
Amex:WRN) is pleased to announce its shareholders have voted
38,613,048 shares (99.8%) in favour of approving the spin-out of
Copper North Mining Corp. ("Copper North") and NorthIsle Copper and
Gold Inc. ("NorthIsle") at a special meeting of shareholders held
today in Vancouver.
The transaction will include the transfer of
Western Copper's 100% interest in the Carmacks Copper Project and
the Redstone Project, along with $2
million, to Copper North, and the transfer of the Company's
100% interest in the Island Copper Project, along with $2.5 million, to NorthIsle.
The spin-out will be completed by way of plan of
arrangement, as part of which the Company will also change its name
from Western Copper Corporation to Western Copper and Gold
Corporation to better reflect the significant gold mineral
resources and reserves in the Casino project. Upon completion
of the plan of arrangement, Western Copper shareholders will be
entitled to receive one-half of a common share of Copper North,
one-half of a common share of NorthIsle and one common share of the
renamed Western Copper and Gold Corporation for every one common
share of the existing Western Copper.
Each Western Copper warrant holder on the
effective date of the plan of arrangement will be entitled to
receive on exercise of such warrants following the effective date
of the plan of arrangement for the same exercise price, one-half of
a common share of Copper North, one-half of a common share of
NorthIsle and one common share of the renamed Western Copper and
Gold Corporation in lieu of one common share of the current Western
Copper.
Each Western Copper option holder on the
effective date of the plan of arrangement will receive new options,
as applicable, for renamed Western Copper and Gold Corporation
shares, Copper North shares and NorthIsle shares at adjusted
exercise prices. The adjusted exercise prices will be based on the
volume weighted average trading price of the Western Copper and
Gold shares, Copper North shares and NorthIsle shares for the five
trading days following the dates on which the Copper North shares
and NorthIsle shares, respectively, commence trading on the TSX
Venture Exchange.
The spin-out transaction remains subject to
final court approval and acceptance from the Toronto Stock Exchange
and the TSX Venture Exchange.
Applications have been submitted to the TSX
Venture Exchange for the listing of the common shares of Copper
North under the trading symbol "COL" and the listing of the common
shares of NorthIsle under the trading symbol "NCX", respectively,
sometime following the completion of the plan of arrangement.
Listing of the common shares of Copper North and NorthIsle is
subject to approval by the TSX Venture Exchange. Copper North
and NorthIsle will not be listed on the NYSE Amex.
The Company will provide further guidance on the
anticipated effective date of the plan of arrangement and any
listing of the common shares of Copper North and NorthIsle on the
TSX Venture Exchange.
Please refer to the Western Copper news release
dated September 7, 2011 and information circular dated August 31, 2011 for more detailed information,
available on the Company's website at www.westerncoppercorp.com and
on SEDAR at www.sedar.com.
ABOUT WESTERN COPPER CORPORATION
Western Copper is a Vancouver-based exploration and development
company with properties containing significant copper, gold and
molybdenum resources and reserves. The Company has 100% ownership
of four Canadian properties. The two most advanced projects are the
Casino Project and the Carmacks Copper Project, both located in the
Yukon Territory. The Casino
Project is one of the world's largest open-pittable gold, copper,
silver and molybdenum deposits. For more information, visit
www.westerncoppercorp.com.
On behalf of the board,
"Dale Corman"
F. Dale Corman
Chairman & CEO
Cautionary Disclaimer Regarding
Forward-Looking Statements and Information
Certain of the statements and information in
this press release constitute "forward-looking statements" within
the meaning of the United States Private Securities Litigation
Reform Act of 1995 and "forward-looking information" within the
meaning of applicable Canadian securities laws.
Forward-looking statements and information generally express
predictions, expectations, beliefs, plans, projections, or
assumptions of future events or performance and do not constitute
historical fact. Forward-looking statements and information
tend to include words such as "may," "expects," "anticipates,"
"believes," "targets," "forecasts," "schedules," "goals,"
"budgets," or similar terminology. Forward-looking statements
and information herein include, but are not limited to, statements
with respect to the completion of the proposed plan of arrangement
and the expected timing and structure thereof; anticipated listings
and the expected timing thereof; anticipated court and regulatory
approvals; and resource and reserve estimates. All
forward-looking statements and information are based on Western
Copper's or its consultants' current beliefs as well as various
assumptions made by and information currently available to
them. These assumptions include, without limitation that
court and regulatory approvals to the proposed plan of arrangement
and proposed listings will be obtained in a timely manner, that
regulatory approvals will be available on acceptable terms and
assumptions made in the Company's technical report(s) disclosing
resources and reserves. Although management considers these
assumptions to be reasonable based on information currently
available to it, they may prove to be incorrect.
Forward-looking statements and information are inherently subject
to significant business, economic, and competitive uncertainties
and contingencies and are subject to important risk factors and
uncertainties, both known and unknown, that are beyond Western
Copper's ability to control or predict. Actual results and
future events could differ materially from those anticipated in
forward-looking statements and information. Examples of
potential risks are set forth in Western Copper's annual report
most recently filed with the U.S. Securities and Exchange
Commission and the Canadian Securities Administrators as of the
date of this press release. Accordingly, readers should not
place undue reliance on forward-looking statements or
information. Western Copper expressly disclaims any intention
or obligation to update or revise any forward-looking statements
and information whether as a result of new information, future
events or otherwise, except as otherwise required by applicable
securities legislation.
SOURCE Western Copper Corporation
