Pacific Wildcat Resources Corp.
TSX VENTURE : PAW

Pacific Wildcat Resources Corp.

January 24, 2011 12:05 ET

Pacific Wildcat Resources Corp.: Closing of Non Brokered Private Placement

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Jan. 24, 2011) -

"NOT FOR DISTRIBUTION TO U.S NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES"

Pacific Wildcat Resources Corp. (TSX VENTURE:PAW) ("PAW" or the "Company") wishes to announce the closing of the non brokered private placement (the "Financing") as previously announced on January 11, 2011.

The non brokered private placement consisted of the issuance of 1,000,000 units to a high net worth individual at arm's length to the Company at a purchase price of $0.90 per unit for gross proceeds to the Company of $900,000. Each unit comprised of one (1) common share and one half (1/2) of a non-transferable common share purchase warrant. Each full warrant entitles the holder to purchase one common share at a purchase price of $1.10 per share, at any time until July 21, 2012.

The net proceeds of the private placement will be used to purchase further capital equipment for the Company's Muiane Tantalum project in Mozambique and for working capital to facilitate the initial closing of the Mrima Hill Rare Earth and Niobium Project pursuant to the conditional share purchase agreement, as previously announced.

In accordance with Canadian securities legislation currently in effect, all securities issued pursuant to the private placement will have a restricted "hold" period in Canada expiring on May 22, 2011.

PAW's President Mr. Darren Townsend commented, "These funds will assist the Company with its near term objective of commencing tantalum production at Muiane in Mozambique and for funds to facilitate the initial closing of the Mrima Hill Rare Earth and Niobium Project pursuant to the conditional purchase agreement."

ON BEHALF OF THE BOARD OF DIRECTORS OF PACIFIC WILDCAT RESOURCES CORP.

Darren Townsend, President

Investors are cautioned that trading in the securities of Pacific Wildcat Inc. should be considered highly speculative.

The TSX Venture Exchange has neither approved nor disapproved the contents of this press release. Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contact Information

  • Pacific Wildcat Resources Corp.
    Darren Townsend
    President
    1-888-860-2666
    250 768-0020 (FAX)
    www.pacificwildcat.com