Mineral explorer Western Copper Corp (TSE:WRN) said Friday that it plans to change its name to Western Copper and Gold Corp, as part of the spin out transaction the company announced in June.
Western plans to reorganize its business and capital structure into three separate public companies, to allow it to focus on the development of its flagship Casino gold-copper project, in the Yukon Territory.
"This spin-out arrangement should work to better define the value of the excellent portfolio of assets we have in Western Copper," said CEO Dale Corman in a statement.
"After the spin-out, with Casino as the sole asset in the company, we believe that a name change to Western Copper and Gold better reflects the significant amount of gold contained in Casino and the high percentage that gold contributes to the project's revenue."
The first spin off company will consist of Western’s stake in the Carmacks copper project situated in the Yukon, as well as the Redstone project located in the Northwest Territories.
The second entity will consist of Western's 100% interest in the Island copper project, located in northern Vancouver Island, B.C.
The two separate companies will be named at a later date, Western said.
The arrangement, if completed, will result in shareholders of Western being entitled to receive, for each common share of the company, one post-spin out common share in Western Copper and Gold Corp, as well as 0.5 of a common share in each of the two spin-out entitities.
The company said it plans to seek shareholder approval of the arrangement at a special meeting of stakeholders to take place around September 21. The two spin off companies will also seek to list on the TSX Venture Exchange, it added.
Western Copper is an exploration and development company with properties containing significant copper, gold and molybdenum resources and reserves. Its two most advanced projects are the Casino project and the Carmacks property, both located in the Yukon Territory.