News Release 10- November 27,
2009
WESTERN
COPPER ANNOUNCES FLOW-THROUGH FINANCING
VANCOUVER, B.C. Western Copper
Corporation (?Western Copper? or the ?Company?) (TSX:WRN) is pleased to
announce that it has appointed Casimir Capital L.P. to act as its agent (the
?Agent?) in connection with a private placement for up to 2,150,000 units of
the Company at C$2.50 per unit for gross proceeds of up to C$5,375,000 (the
?Offering?). Kingsdale Capital Markets Inc. and D & D Securities Company
will also be participating in the Offering as part of the selling group.
Each unit consists of one flow-through common share of
the Company and one common share purchase warrant. Each whole warrant will be
exercisable for one non flow-through common share of the Company at a price of
C$2.60 per common share and will expire three years following closing. If,
commencing on the date that is four months plus one day following the closing
of the Offering, the weighted average trading price of the Company?s common
shares on the TSX is at a price equal to or greater than C$5.00 for twenty
consecutive trading days, the Company will have the right to accelerate the
expiry date of warrants by giving thirty days written notice to the holder.
The Agent will receive a cash commission equal to 6%
of the gross proceeds raised and warrants (?Agent?s Warrants?) equal to 4% of
the units sold by the Agent. Each Agent?s Warrant will be exercisable for one
non flow-through common share of the Company at a price of C$2.50 per common
share and will expire two years following closing. If the weighted average
trading price of the Company?s common shares on the TSX is at a price equal to
or greater than C$4.00 for fifteen consecutive trading days, the Company will
have the right to accelerate the expiry date of the Agent?s Warrants by giving
thirty days written notice to the Agent.
The gross proceeds will be used to
incur qualifying Canadian Exploration Expenses, primarily at the Company?s
world class Casino project, located in the Yukon.
The Offering is expected to close on or before December
4, 2009 and it is subject to certain conditions including, but not limited to,
the receipt of all the necessary regulatory approvals including the approval of
the TSX.
In accordance with securities legislation currently in
effect, the flow through shares, warrants, any common shares issued on exercise
of the warrants, and Agent's Warrants will be subject to a hold period of four
month plus one day extending from the closing date of the transaction.
This news release does not constitute an offer to sell
or solicitation of an offer to sell any of the securities in the United
States. The securities described herein have not
been and may never be registered under the United States Securities Act of
1993, as amended (the ?U.S. Securities Act?) or any state securities laws and
may not be offered or sold in the United States or to U.S. Persons unless
registered under the U.S. Securities Act and applicable securities law or
unless an exemption from registration is available.
ABOUT WESTERN COPPER CORPORATION
Western Copper
is a Vancouver
based exploration and development company with significant gold, copper and
molybdenum resources and reserves. The Company has 100% ownership of four
Canadian properties. The two most advanced projects are the Carmacks Copper
Project and the Casino Project both located in the Yukon
Territory. The Casino Project is one of the world's
largest open-pittable copper deposits. For more information, visit www.westerncoppercorp.com
On behalf of the
board,
?Dale
Corman?
F. Dale
Corman
President & CEO
For more
information please contact Paul West-Sells,
EVP Corporate Development or Chiara
Orrigoni, Investor Relations at 604.684.9497 or email info@westerncoppercorp.com
The TSX Exchange has not reviewed and does not
accept responsibility for the adequacy or accuracy of the contents of this news
release.
This press release includes certain
"Forward-Looking Statements" within the meaning of section 21E of the
United States
Securities Exchange Act of 1934, as amended. All statements, other than
statements of historical fact, included herein, including without limitation,
statements regarding potential mineralization and reserves, financing plans,
exploration results and future plans and objectives of Western Copper are
forward-looking statements that involve various risks and uncertainties. There
can be no assurance that such statements will prove to be accurate and actual
results and future events could differ materially from those anticipated in
such statements.