Wildcat Exploration Ltd.

Wildcat Exploration Ltd.

October 31, 2007 16:32 ET

Wildcat Exploration Closes $2.1 Million Private Placement

WINNIPEG, MANITOBA--(Marketwire - Oct. 31, 2007) - Wildcat Exploration Ltd. (TSX VENTURE:WEL) ("Wildcat" or the "Company") is pleased to announce that it has successfully completed the second and final tranche of its non-brokered private placement (the "Private Placement") initially announced at $1.0 million on August 21, 2007 and increased to $2.1 million on October 04, 2007 to accommodate strong demand from investors.

Commenting on the closing, John Knowles, President and CEO, said, "We are pleased with the high degree of interest shown by a broad range of investors in Wildcat, our exploration properties and programmes."

On August 27, 2007 the Company announced the closing of the first tranche of the Private Placement, with the issue of 1.6 million flow through common shares ("Flow Through Shares") at a price of $0.25 per share and 500,000 non-flow through common shares ("Non-Flow Through Shares") at a price of $0.20 per share to raise gross proceeds of $500,000.

With the second and final closing, a total of 6.6 million Flow Through Shares have been issued for gross proceeds of $1.65 million. A total of 2.25 million Non-Flow Through Shares have been issued for gross proceeds of $450,000. Proceeds from the sale of the Flow Through Shares will be used for exploration in the Company's projects in Canada. The proceeds from the sale of the Non-Flow Through Shares will be used for general corporate and working capital purposes.

The Company paid finders' fees of $86,125 in total, and has issued a total of 353,375 warrants (Finders' Warrants) to purchase Flow Through Shares at a price of $0.25 per share. The Finders' Warrants are exercisable for one year.

The Flow Through Shares and Non-Flow Through Shares issued pursuant to the Private Placement are subject to resale restrictions for a period of four months and one day from the date of issuance.

About Wildcat Exploration Ltd.

Wildcat Exploration Ltd. is a Winnipeg-based company exploring for gold and base metals in Canada. Its portfolio includes: (1) the Foster River zinc project in Saskatchewan, (2) three gold properties and one gold and platinum group element (PGE) property in the Rice Lake greenstone belt in Manitoba, and (3) two copper-nickel-PGE properties in the Reed Lake area of Manitoba. As the Company builds its property portfolio, Wildcat welcomes proposals from owners of advanced Canadian exploration properties.

For further information on the Company please visit our website at www.wildcat.ca or contact us at info@wildcat.ca. The Company's public filings, including its most recent audited consolidated financial statements, can be reviewed on the SEDAR website (www.sedar.com).

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, including risks associated with the mineral exploration and mining industry such as economic factors, government regulation and approvals, environmental risks, success of exploration activities, future commodity prices, capital expenditures, requirements for additional capital, changes in project parameters as plans continue to be refined, conclusions of economic evaluations, the Company's history of operating losses and uncertainty of future profitability. Important factors that pertain to the risks and uncertainties associated with the Company's business are discussed more fully in the Company's disclosure documents filed from time to time with the Canadian securities regulators and available on www.sedar.com. Although Wildcat has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. 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.

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

  • Wildcat Exploration Ltd.
    Wayne Stebbe
    Vice President, Investor Relations
    (204) 944-8916
    (204) 944-8918 (FAX)
    Wildcat Exploration Ltd.
    Suite 203, 1780 Wellington Avenue
    Winnipeg, Manitoba, R3H 1B3
    Email: info@wildcat.ca
    Website: www.wildcat.ca