Following a strategic investment by Mitsubishi Materials, Western Copper Gold Corporation (TSX: WRN) has confirmed that its partner Rio Tinto Canada will follow suit to maintain its interest in the company. On March 24, Mitsubishi announced its intention to acquire about 5 percent of Western's share capital and jointly develop the company's flagship Casino Copper and Gold project in Canada's Yukon territory. The total investment will depend on whether Rio exercises its existing rights to participate in the company's equity financing. On Tuesday, Western announced that Rio has elected to exercise this right in full and will subscribe for 878,809 shares of the Company's common stock for the proceeds of C $2.3 million (US $1.7 million), allowing Rio to maintain its interest of approximately 7.84 percent.
