August 19, 2011 / 1:30 PM / in 7 years

UPDATE 1-Western Copper alters name; moves on spin-outs

TORONTO, Aug 19 (Reuters) - Western Copper (WRN.TO) said on Friday it will alter its name to Western Copper and Gold Corp, following the spin-outs of its non-core exploration projects into two new entities.

In June, the Vancouver-based exploration company said it would spin out non-core assets into two new companies so that it could focus on developing its flagship Casino project in Canada’s Yukon Territory. [ID:nN1E75M1PU]

“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,” Chief Executive Dale Corman said in a statement.

The first spin-out will take a 100 percent interest in the Carmacks copper project, also in the Yukon, and the Redstone copper-silver project, in Canada’s Northwest Territories. The Island Copper project on Vancouver Island is being spun out into a second entity.

The arrangement, if completed, will result in shareholders of the company being entitled to receive, for each common share of Western Copper, one common share in Western Copper and Gold Corp. For each share held, shareholders will also receive 0.5 of a common share in each of the two spin-outs.

Western Copper plans to seek shareholder approval of the arrangement at a special meeting of shareholders scheduled to be held on or about Sept. 21. The two spin-outs will seek to list on the TSX Venture Exchange, the company said. (Reporting by Euan Rocha, editing by Dave Zimmerman)

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