Wildcat Exploration Ltd.
TSX VENTURE : WEL

Wildcat Exploration Ltd.

June 23, 2008 19:06 ET

Wildcat Exploration Ltd. Completes Final Closing of $1.4 Million Private Placement

WINNIPEG, MANITOBA--(Marketwire - June 23, 2008) - Wildcat Exploration Ltd. (TSX VENTURE:WEL) is pleased to announce that it has completed its private placement of non-flow through units and flow through shares. A total of 4,927,000 non-flow through Units have been issued in the third and final closing for gross proceeds of $492,700. To accommodate investor interest in the issue, the Company received regulatory approval for a second $200,000 increase in the amount of the previously announced private placement, bringing the total private placement to $1.4 million.

The proceeds of the private placement will be used to advance existing exploration properties, to generate and acquire new properties and to provide working capital to the Company.

Total gross proceeds of $1.4 million were received as consideration for 11,675,000 non-flow through Units and 2,325,000 flow through common shares. The issue price for each Unit was $0.10 and the issue price for each flow through share was also $0.10. Each Unit consisted of one common share and one warrant, with the warrant entitling the holder to purchase one additional common share for $0.20 within two years of the closing date. In the final closing, one insider subscribed for 20,000 Units.

Finders' fees of $23,625 were paid in connection with the final closing and 236,250 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, "We are pleased at the interest shown by investors in this issue and in Wildcat's projects. In three exciting areas of Manitoba and Saskatchewan our exploration work and work 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.

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 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)
    or
    Wildcat Exploration Ltd.
    Suite 203, 1780 Wellington Avenue
    Winnipeg, Manitoba, R3H 1B3
    Email: info@wildcat.ca
    Website: www.wildcat.ca