06:47 AM EDT, 04/29/2024 (MT Newswires) -- Western Copper and Gold ( WRN ) said on Monday that Rio Tinto Canada will exercise in full its participation right in connection with the company's $40 million share sale announced on April 16.

By fulling exercising its participation right, Rio Tinto will maintain its stake in Western Copper and Gold ( WRN ) at approximately 9.7%.

Rio Tinto will buy 2.3 million Western Copper and Gold ( WRN ) common shares for $1.90 apiece for a total cost of $4.3 million. If the over-allotment option is exercised in full, Rio Tinto will acquire an additional 340,420 shares for another $646,798.

Rio Tinto's acquisition of the shares is expected to be completed on or about May 6 and is subject to the company receiving approvals from the Toronto Stock Exchange and the NYSE American LLC.