05:36 PM EDT, 04/15/2024 (MT Newswires) -- Western Copper and Gold ( WRN ) said Monday that Eight Capital agreed to buy about 13.2 million shares of the company on a bought-deal basis.

Eight Capital, which represents a syndicate of underwriters, will pay $1.90 per share for gross proceeds of about $25 million, the company added.

Western Copper said it granted underwriters a 30-day option to buy an additional 2 million shares to cover over-allotments.

The company plans to use the proceeds from the offering to advance the Casino Project in Yukon and for general corporate and working capital purposes.

Western Copper expects to close the offering on or about April 30, subject to regulatory approvals.

The company shares were down 2.1% in recent after-hours activity.