Wildcat Exploration Ltd. Announces Private Placement
Winnipeg, Manitoba; October26, 2010 - Wildcat Exploration Ltd. (WEL: TSX-V) is pleased to announce that, subject to regulatory approval, it intends to complete a non-brokered private placement of flow-through units (“FT Units) and non flow through Units (“NFT Units”) of the Company to raise gross proceeds of up to $1,700,000. Each FT Unit, to be issued at a price of $0.07 per Unit, consists of one flow through common share and one-half of one share purchase warrant (“Warrant”), and each NFT Unit, to be issued at a price of $0.06 per Unit, consists of one common share and one Warrant. Each Warrant entitles the holder to acquire a non-flow through common share of the Company at a price of $0.10 per share during the 24 month period following closing.
Pursuant to the private placement, up to 8,571,428 FT Units and 18,333,333 NFT Units will be issued on closing.
The proceeds of the private placement will be used for the Company’s exploration projects including its gold projects in the Rice Lake greenstone belt near Bissett, Manitoba, the Reed base metal and platinum group elements project in the Flin Flon–Snow Lake greenstone belt of Manitoba, the Burntwwood nickel project in the Thompson Nickel Belt in Manitoba, the Foster zinc project in Saskatchewan, and for general corporate purposes.
The Company may pay finders’ fees of up to 6% of the gross proceeds raised from the sale of Units in cash and may issue warrants of up to 6% of the number of FT Units and NFT Units sold to parties introduced to the Company by the respective finder (“Finders’ Warrants”) on terms identical to those of the Warrants contained in the Units.
All securities distributed pursuant to the private placement are subject to a hold period of four months following closing.
About Wildcat Exploration Ltd.
Wildcat Exploration Ltd. is a Winnipeg-based company exploring for gold and base metals in Canada. Its portfolio includes: (1) several precious metal properties in the Rice Lake greenstone belt in Manitoba, (2) the Reed base metal and PGE property in the Flin Flon-Snow Lake greenstone belt in Manitoba, (3) the Foster zinc-lead-silver project in Saskatchewan, and (4) the Burntwwood nickel project in the Thompson Nickel Belt of Manitoba. As the Company builds its property portfolio, Wildcat welcomes proposals from owners of advanced Canadian exploration properties.
Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy and accuracy of this release.
For further information on the Company please visit our website at www.wildcat.ca or contact us at [email protected]. The Company's public filings, including its most recent audited consolidated financial statements, can be reviewed on the SEDAR website (www.sedar.com).
Source: Wildcat Exploration Ltd.
John Knowles, President CEO Suite 203, 1780 Wellington Avenue Winnipeg, Manitoba, R3H 1B3 Phone: (204) 944-8916 Fax: (204) 944-8918
This news release may contain "forward-looking information", within the meaning of applicable Canadian securities legislation. Forward-looking information includes, but is not limited to, statements with respect to Wildcat's exploration program and plans. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "believes", "plans", "seeks", "expects", "budget" or variations of such words or statements that certain actions, events or results may, could, will, will be, would be or are expected to be. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Wildcat to be materially different from those expressed or implied by such forward-looking information.. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information. Wildcat does not undertake to update any forward- looking information, except in accordance with applicable securities laws.