Wildcat Exploration Ltd.

Wildcat Exploration Ltd.

May 26, 2009 15:35 ET

Wildcat Exploration Ltd. Closes Oversubscribed Private Placement

WINNIPEG, MANITOBA--(Marketwire - May 26, 2009) - Wildcat Exploration Ltd. (TSX VENTURE:WEL) is pleased to announce that it has completed its previously announced private placement of Units. To accommodate investor interest in the issue, the Company received regulatory approval to increase the amount of the private placement, bringing the total gross proceeds to $557,000. A total of 9,140,000 Units were issued in the second and final closing for gross proceeds of $457,000.

The proceeds of the private placement will be used for exploration in Canada, primarily to advance the Company's gold projects located in the Rice Lake gold camp, the base metal project at Reed Lake in the Flin Flon-Snow Lake greenstone belt, both located in Manitoba, and the Foster River Zn-Pb-Ag project located in Saskatchewan.

In combination with the first closing, total gross proceeds of $557,000 were received as consideration for 11,140,000 Units. Each Unit was issued for $0.05 and consists of one flow through common share and one-half warrant. Each full warrant entitles the holder to purchase one additional common share for $0.15 within one year of the closing date. In the final closing, two insiders subscribed for 300,000 Units.

Finders' fees of $10,000 were paid in connection with the final closing, together with 150,000 Units in lieu of cash. A total of 350,000 finders' warrants, exercisable on the same terms as the warrants forming part of the Units, were issued.

Commenting on the financing, Wildcat's President and CEO, John Knowles, said, "In challenging markets we are pleased at the interest that investors have shown in Wildcat. Our work on projects in three exciting areas of Manitoba and Saskatchewan, in addition to results by other companies operating in the vicinity of our projects, is generating encouraging results."

All securities distributed pursuant to the private placement are subject to a hold period of four months following closing.

Management takes this opportunity to remind shareholders that the Annual General and Special Meeting of Shareholders of Wildcat Exploration Ltd. (the "Corporation") will be held at the Hilton Suites Winnipeg Airport, 1800 Wellington Avenue, Winnipeg, Manitoba, on Thursday June 4, 2009 at 10:00 a.m. (local time).

Meeting materials and voting information can be accessed via the Company's website at: http://wildcat.ca/page.php?ID=6&SUBID=0

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 base metal and PGE properties in the Snow 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.
    John Knowles
    President CEO
    (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