VANCOUVER,
Oct. 5, 2012 /PRNewswire/ - Western
Copper and Gold Corporation ("Western" or the "Company") (TSX:WRN)
(NYSE MKT: WRN) is pleased to announce that it has closed the
non-brokered private placement for 500,000 flow-through common
shares announced on September 25,
2012 involving certain insiders of the Company at a price of
$0.80 per share for gross proceeds of
$400,000.
The private placement closed on October 4, 2012. Insiders of the Company
purchased 480,000 shares of the private placement. In accordance
with securities legislation currently in effect, the shares are
subject to a hold period expiring on February 5, 2013.
The gross proceeds from this private placement,
which is subject to final acceptance by the TSX, will be used to
incur qualifying Canadian Exploration Expenses.
The Company did not file a material change
report more than 21 days before the expected closing of the private
placement as the details of the private placement and the
participation therein by related parties of the Company were not
settled until shortly prior to closing and the Company wished to
close the private placement on an expedited basis for sound
business reasons.
ABOUT WESTERN COPPER AND GOLD
CORPORATION
Western Copper and Gold Corporation is a
Vancouver-based exploration and
development company with significant copper, gold and molybdenum
resources and reserves. The Company has 100% ownership of the
Casino Project 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.westerncopperandgold.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 private placement and use of
proceeds. All forward-looking statements and information are
based on Western Copper and Gold'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 regulatory approvals to the proposed
private placement and proposed listings will be obtained in a
timely manner. 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 and Gold's ability to
control or predict. Actual results and future events could
differ materially from those anticipated in forward-looking
statements and information. Important factors that could
cause actual results to differ materially from the Company's
expectations include market prices, availability of capital and
financing, general economic, market and business conditions, and
timeliness of regulatory approvals. Examples of potential risks are
set forth in Western Copper and Gold'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
and Gold 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 and Gold Corporation