WINNIPEG, Oct. 4 /CNW/ - Wildcat Exploration Ltd. (WEL: TSX-V) ("Wildcat" or the "Company") is pleased to announce that due to excess demand, the Company will increase the size of its non-brokered private placement (the "Private Placement") previously announced August 21, 2007, subject to regulatory approval.
The Company had previously received conditional regulatory approval for the Private Placement of up to 2,800,000 flow-through common shares ("Flow-Through Shares") at a price of $0.25 per share, and up to 1,500,000 non-flow-through common shares ("Non Flow-Through Shares") at a price of $0.20 per share, for gross proceeds of up to $1,000,000. Due to oversubscription of the Private Placement, the Company will seek conditional regulatory approval for the Private Placement of up to an additional 3,800,000 Flow-Through Shares and up to an additional 750,000 Non Flow-Through Shares for additional gross proceeds of up to $1,100,000.
Subject to final regulatory approval, the Company is to pay cash finders' fees of 5% of the gross proceeds raised from the Private Placement and to issue non-transferable finders' warrants to purchase such number of common shares (some of which may be issued on a flow-through basis) as is equal to 5% of the number of Flow-Through Shares and Non Flow-Through Shares sold under the Private Placement. The finders' warrants will have an exercise price of $0.25 per share and are to be exercisable for one year.
Proceeds from the sale of the Flow-Through Shares will be used for exploration in the Company's projects in Canada and the proceeds from the sale of the Non Flow-Through Shares will be used for working capital purposes.
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.
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adequacy or accuracy of this release.
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 "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.
%SEDAR: 00014885E