Western Copper gets financing

Canaccord Capital has arranged a $5-million financing for Western Copper Holdings (WTC-T), comprising 555,556 special warrants at $9 each.

Each special warrant is exercisable for one share and one half-share purchase warrant. One whole warrant entitles the holder to purchase an additional share at $11 for a period of 24 months. Canaccord will be entitled to sell an additional 83,333 special warrants pursuant to a green-shoe option.

Western Copper intends to use the proceeds for ongoing exploration on a number of projects in the Mexican state of Zacatecas, most notably the San Nicholas massive sulphide project it shares with Teck (tek-t) and Mexican junior Luismin.