Wildcat closes $1.4 million private placement

Wildcat Exploration Ltd., a Winnipeg-based company exploring for gold and base metals in Canada, 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 company said that 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.

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, added Mr. Knowles.

All securities distributed pursuant to the private placement are subject to a hold period of four months following closing.