RE:RE:RE:Exclusivity Agreement Explained EX-99.1
Chief Executive Officer
Dear Sirs/Mesdames:
Eight Capital (“Eight Capital” or the “Lead Underwriter”) and Cormark Securities Inc., National Bank Financial Inc., Raymond James Ltd., BMO Nesbitt Burns Inc., Canaccord Genuity Corp., CIBC World Markets Inc., H.C. Wainwright & Co., LLC, RBC Dominion Securities Inc., Echelon Wealth Partners Inc. and Haywood Securities Inc. (together with Eight Capital, the “Underwriters”), hereby severally and neither jointly, nor jointly and severally, on the basis of the percentages set forth in Section 17, agree to purchase from Western Copper and Gold Corporation (the “Company”), and the Company hereby agrees to issue and sell to the Underwriters, upon and subject to the terms hereof, an aggregate of 21,055,000 common shares of the Company (the “Firm Shares”) on a bought deal underwritten basis at a price of C$1.90 per Firm Share (the “Offering Price”) for aggregate gross proceeds of C$40,004,500.
The Company and the Underwriters agree that: (i) any offers or sales of the Offered Shares in Canada will be conducted through the Underwriters, or one or more affiliates of the Underwriters, duly registered in compliance with applicable Canadian Securities Laws (as hereinafter defined); and (ii) any offers or sales of the Offered Shares in the United States will be conducted through the Underwriters, or one or more affiliates of the Underwriters, duly registered as a broker-dealer in compliance with applicable U.S. Securities Laws (as hereinafter defined) and the requirements of FINRA (as hereinafter defined). H.C. Wainwright & Co., LLC (“H.C. Wainwright”) will not, directly or indirectly, solicit offers to purchase or sell the Offered Shares in Canada.
So these underwriters are at 15% (likely Sandeep's banking and finance network pals), Sandeep is stocked to the gills, and Rio is locked at 9% and forced to play catch up. It would seem to my humble eyes, at least, that this was planned this way. Everything was planned, right from Sandeep coming on board to Paul's departure. Paul didn't have the finesse to swing a deal, and that's not to knock Paul. Just not his forte.