Wildcat Exploration Ltd.

Wildcat Exploration Ltd.

December 21, 2009 09:00 ET

Wildcat Exploration Ltd. Closes Private Placement

WINNIPEG, MANITOBA--(Marketwire - Dec. 21, 2009) - Wildcat Exploration Ltd. (TSX VENTURE:WEL) is pleased to announce that, subject to regulatory approval, it has completed its previously announced private placement of Units. Pursuant to the private placement, gross proceeds of $675,000 were raised and 3,000,000 Units have been issued on closing. Each Unit, issued at a price of $0.225, consists of one common share and one-half of one warrant, with a whole warrant entitling the holder to acquire an additional common share of the Company at a price of $0.33 per share during the 12 month period following closing. 

The proceeds of the private placement will be used for exploration on the Company's projects including its gold projects in the Rice Lake greenstone belt, near Bissett, Manitoba, the Reed Lake base metal and platinum group elements project in the Flin Flon–Snow Lake greenstone belt of Manitoba, and its Foster River zinc-lead-silver project in Saskatchewan.

In connection with the financing, the Company has paid cash finders' fees of $25,875 and has issued 115,001 finders' warrants, each warrant being exercisable 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 until April 18, 2010.

Wildcat's CEO, John Knowles, states, "We are gratified with the individual and institutional investor interest in Wildcat's recent financings. In the near term, we look forward to building on the results achieved to date on our property holdings in the Rice Lake greenstone belt, in particular the Company's Jeep project near Bissett, MB, as well as our Reed project in the Flin Flon Snow Lake greenstone belt, where recent exploration results on neighbouring properties continue to emphasize the prolific nature of one of the world's most productive VMS mining districts.'

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 Lake base metal and PGE property in the Flin Flon greenstone belt in Manitoba and (3) the Foster River zinc-lead-silver project in Saskatchewan. 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).

Source: Wildcat Exploration Ltd.

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