Teck finances Western Copper

A private placement of 200,000 flow-through shares of Western Copper Holdings at a price of 75 cents per share will give Teck (TSE) a 42% interest in the junior company.

Teck also has a warrant to purchase an additional 200,000 shares at $1.20 which would increase its interest to 47%. Proceeds from the placement will be used by Western to fund its share of costs for a 12,500-ft. drilling program currently under way on the Williams Creek copper oxide property about 25 miles north of Carmacks, Yukon.

Western, and joint-venture partner Thermal Exploration, are each earning a 50% interest in the property from Archer Cathro & Associates. The property’s current preliminary reserves are 9.8 million tons grading 1.02% copper (oxide).