. In relation to the succession process, Mr. Singh will collaborate closely with Dr. Paul West-Sells, who will remain in his capacity as President. In addition, Mr. Kenneth Williamson has stepped down from his position as Interim Chairman and Director. As the company looks for a replacement, Dr. Bill Williams, a current board member, has assumed the post of Interim Chairman.
Mr. Singh provides the Company with significant capital markets and strategic skills as a well-respected mining specialist with twenty years of industry experience. In his former role as President and CEO of Osisko Gold Royalties, he oversaw the company’s profitable recovery. Before co-founding Maxit Capital, a prestigious independent M&A firm, Mr. Singh worked as an investment banker for fifteen years, specializing in the North American metals and mining industry for BMO Capital Markets and Dundee Securities. In addition to acting on some of the most intricate and value-adding M&A transactions in the mining industry, he has counseled several mining businesses on financing options and strategic issues. Mr. Singh graduated from Concordia University with a bachelor’s degree in mechanical engineering and Oxford University with a master’s degree in business administration.
The Board would like to thank Ken for his dedication and contributions to the Company, said Dr. Bill Williams, Interim Chairman. We hope he concentrates his efforts on his family and retirement. Paul deserves special recognition for his proactive participation in the succession planning process that resulted in Mr. Singh’s selection. Since the beginning, Paul has been the main driving force behind the Casino project, and we expect he will continue to be crucial as we assemble the management group required for the Company’s future growth stages.
An someone of Sandeep’s ability joining the team makes the Board very happy. He has demonstrated a commitment to stakeholder value above everything else during his remarkable career, and by making a sizable personal investment in the company, he will be in line with shareholders. We are bolstering the Company’s management capabilities with Sandeep’s arrival in order to more effectively realize the value potential of the Casino project.
Mr. Singh made an observation. Being one of the few potential properties in the copper-gold development space, he sees huge value in Casino. Through the higher-grade core of the deposit, the casino achieves a unique blend of significant scale, an appealing commodity mix, minimal jurisdictional risk, and speedy repayment. Tangible upside potential is provided by the reliable data supporting a comprehensive feasibility assessment and the remaining upside from adding resources or optimizing the project. Arriving at a critical juncture for Western Copper and Gold, he was thrilled to be part of the team.
A C$3 million private placement with Mr. Singh for the acquisition of 2.22 million common shares at a price of C$1.35 per share is also announced by the company. The completion of the Placement is contingent to the signature of a standard subscription agreement and the receipt of NYSE American LLC and the Toronto Stock Exchange approvals. In line with the relevant Canadian securities rules, a statutory hold period will apply to the shares issued as a result of the Placement.
One of the most profitable greenfield copper-gold mining projects worldwide, the Casino Project is being developed by Western Copper and Gold Corporation. It is Canada’s first copper-gold mine located in the Yukon Territory.
The Company is dedicated to utilizing globally acknowledged responsible mining technology and practices in a cooperative effort with our First Nations and nearby communities to advance the Casino project.
