Western Copper Corporation

Western Copper Corporation

December 02, 2010 16:27 ET

Western Copper Announces $20 Million Bought Deal Financing

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Dec. 2, 2010) -


Western Copper Corporation (TSX:WRN) ("Western Copper" or the "Company") is pleased to announce that it has entered into a bought deal financing with a syndicate of underwriters led by CIBC. The Company intends to issue 8,170,000 units (the "Units") at a price of $2.45 per unit ("Offering Price") for gross proceeds to the Company of approximately $20 million (the "Offering"). Each Unit will consist of one common share in the capital of the Company and one-half of one common share purchase warrant (each whole warrant, a "Warrant"). Each Warrant shall entitle the holder thereof to acquire one common share (each a "Warrant Share") at an exercise price of $3.45 per Warrant Share for a period of 24 months following the closing of the Offering. The Offering is expected to close on or about December 22, 2010.

The Company has also granted the Underwriters an over-allotment option exercisable for a period of 30 days following the closing of the Offering, to purchase up to an additional 1,225,500 Units at the Offering Price. The Units will be offered in all provinces and territories of Canada, except Nunavut and Quebec, via a short-form prospectus and into the U.S. via Rule 144A.

The Company intends to use the net proceeds from the offering to fund the development of its Casino and Carmacks Projects, and for general corporate purposes.

Closing of the Offering is subject to certain conditions, including but not limited to, receipt of all necessary securities regulatory approvals, including the approval of the TSX.

The securities described herein have not been and will not be registered under the United States Securities Act of 1933, as amended, or the securities laws of any state and may not be offered or sold in the United States absent an exemption from registration.


Western Copper is a Vancouver based exploration and development company with significant copper, gold 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. The Casino Project is one of the world's largest open-pittable copper, gold and molybdenum deposits.

For more information, visit www.westerncoppercorp.com.

On behalf of the board,

F. Dale Corman, Chairman & CEO

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. Forward-looking statements are often, but not always, identified by the use of words such as "anticipate", "believe", "plan", "estimate", "expect" and "intend" and statements that an event or result "may", "will", "should", "could" or "might" occur or be achieved and other similar expressions. Forward-looking statements are subject to business and economic risks and uncertainties and other factors (including, among others, risks related to financing arrangements and actual results of current exploration activities) and 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. Forward-looking statements are based on estimates and opinions of management at the date the statements are made. Western Copper does not undertake any obligation to update forward-looking statements even if circumstances or management's estimates or opinions should change unless required by applicable law. Investors should not place undue reliance on forward-looking statements.

Cautionary Note to U.S. Investors: The United States Securities and Exchange Commission permits U.S. mining companies, in their filings with the SEC, to disclose only those mineral deposits that a company can economically and legally extract or produce. Certain terms, such as "measured", "indicated", and "inferred" "resources", are used in the Company's disclosure documents filed in Canada that the SEC guidelines strictly prohibit U.S. registered companies from including in their filings with the SEC. U.S. investors are urged to consider closely the disclosure in Western Copper's Form 20-F, File No. 000-52231, which may be secured from the Company, or from the SEC's website at http://www.sec.gov/edgar.shtml.

The Toronto Stock Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the contents of this news release.

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