Wildcat Exploration Ltd.

Wildcat Exploration Ltd.

March 09, 2009 14:25 ET

Wildcat Exploration Ltd. Completes First Tranche of $400,000 Flow Through Private Placement

WINNIPEG, MANITOBA--(Marketwire - March 9, 2009) - Wildcat Exploration Ltd. (TSX VENTURE:WEL) is pleased to announce that it has closed the first tranche of a private placement, issuing two million Units, at a price $0.05, for proceeds of $100,000. Each Unit consists of one flow through common share and one-half of one warrant. Each whole warrant is exercisable to purchase one common share, at a price of $0.15 within 12 months of the closing date of the financing. In the current closing, one insider subscribed for 100,000 Units, and no finders' fees were paid. Subject to regulatory approval, the private placement of Units will result in the issuance of up to eight million shares and four million warrants for gross proceeds of up to $400,000.

The proceeds of the private placement will be used for exploration in certain of the Company's projects in Canada, primarily its gold projects near Bissett in the Rice Lake, MB greenstone belt, and its platinum group and base metals projects near Reed Lake in the Flin Flon Snow Lake greenstone belt.

As previously reported, CEO John Knowles and his management team have affirmed their dedication and commitment to the Company's success by agreeing to a 50% pay reduction. The Company has instituted a program to reduce Wildcat's cash requirements by more than half, at the same time retaining the Company's strong team of technical and administrative personnel .(see News Release: January 15, 2009).

Mr. Knowles states, "With a proactive approach to cost control, coupled with this financing, we are implementing our plans to carry Wildcat through 2009 and beyond. Wildcat's 100% ownership of our key properties gives us flexibility and puts us in a good position to weather the current tough economic environment."

The Company will pay cash finders' fees of up to 5% of the gross proceeds raised from the sale of Units and will issue finders' warrants to purchase common shares on terms identical to those of the warrants contained in the Units, in an amount that is up to 5% of the number of Units sold. 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 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