05:29 PM EDT, 04/15/2024 (MT Newswires) -- Western Copper and Gold ( WRN ) after trade Monday said it entered into an agreement with Eight Capital, on behalf of an underwriting syndicate, for a bought-deal share offering of 13.16-million shares of the company at a price of C$1.90 per share for gross proceeds of C$25 million.

The company has granted the underwriters an over-allotment option to purchase up to an additional 1,973,700 common shares, representing 15% of the offering, to cover over-allotments, if any, and for market stabilization purposes, exercisable at any time up to 30 days after the closing of the offering.

It said net proceeds from the sale of the common shares are expected to be used to advance permitting and engineering activity at the company's Casino Project in the Yukon and for general corporate and working capital purposes.

The company's shares were last seen down US$0.06 to US$1.36 in after-hours New York trading. They closed down C$0.13 to C$1.97 on the Toronto Stock Exchange.