Winnipeg, Manitoba; November 10, 2010 - Wildcat Exploration Ltd. (TSXV: WEL) is pleased to announce that it has closed a $1.7 million non-brokered private placement of flow-through units (“FT Units) to raise gross proceeds of $600,000 and non-flow through units (“NFT Units”) to raise gross proceeds of $1.1 million.
Each FT Unit consists of one flow through common share of the Company and one-half of one share purchase warrant (“Warrant”), and each NFT Unit consists of one common share of the Company and one Warrant. Each Warrant entitles the holder to acquire a non-flow through common share of the Company at a price of $0.10 per share during the 24 month period following closing. Pursuant to the private placement, 8,571,400 FT Units and 18,333,334 NFT Units were issued.
The proceeds of the private placement will be used for the Company’s exploration projects including its gold projects in the Rice Lake greenstone belt near Bissett, Manitoba, the Reed base metal and platinum group elements project in the Flin Flon–Snow Lake greenstone belt of Manitoba, the Burntwwood Nickel Project in the Thompson Nickel Belt in Manitoba, the Foster Zinc project in Saskatchewan, and for general corporate purposes.
Commenting on the closing, John Knowles, Wildcat’s President and CEO said, “With stronger conditions in the mineral exploration industry our fieldwork this year was designed to position Wildcat for drilling and other work on several projects. We are pleased with investors’ interest in the private placement, which will support our programs in the coming months.”
In connection with the private placement the Company paid finders’ fees of $93,372 and issued 1,481,174 finders’ warrants, each warrant being exercisable on terms identical to those of the Warrants. All securities distributed pursuant to the private placement are subject to a hold period of four months following closing.
