Pacific Wildcat Closes First Tranche of Private Placement
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Aug 12, 2013) - Pacific Wildcat Resources Corp. (TSX VENTURE:PAW) ("PAW" or the "Company") announces that it has closed the first tranche (the "First Tranche") of the private placement (the "Private Placement") of up to 21,428,572 units (each a "Unit") to raise aggregate gross proceeds to the Company of up to $1,500,000, which was originally announced in the Company's news release dated April 25, 2013. A total of 1,849,285 Units were issued in closing of the First Tranche, for gross proceeds to the Company of $129,450.
Each Unit consists of one common share (a "Share") in the capital of the Company and one-half of one non-transferable common share purchase warrant (a "Warrant"). Each whole Warrant entitles the holder thereof to purchase one additional common share (a "Warrant Share") of the Company at an exercise price of $0.10 per Warrant Share for a period of 12 months from the closing date of the First Tranche. All securities issued in connection with the First Tranche will be subject to hold period pursuant to applicable securities laws which will expire on November 30, 2013.
The Company is continuing to work toward closing additional tranches of the Private Placement, which remain subject to the approval of the TSX Venture Exchange.
ON BEHALF OF THE BOARD OF DIRECTORS OF PACIFIC WILDCAT RESOURCES CORP.
Darren Townsend, President & CEO
About Pacific Wildcat Resources Corp. - Pacific Wildcat is a TSX Venture Exchange listed Canadian mineral exploration company having the trading symbol "PAW". PAW owns 100% of Stirling Capital Ltd and Cortec Pty Ltd, two UK companies that between them own a 70% interest in Cortec Mining Kenya Limited, a Kenyan company which has the mining rights (please note Company's Press Release # 2013-17, on purported revocation of mining licences issued since January 2013 by Kenyan Government for a 60 day review period) to the Mrima Hill Niobium and Rare Earth Project in Kenya. In July 2013 the Company completed an updated independent Niobium Resource estimate for 47.8 million tonnes at 0.66% Nb2O5 (Indicated Classification) plus 94.4 million tonnes at 0.73% Nb2O5 (Inferred Classification) at a 0.2% Nb2O5 cut-off for a total of 2.22 billion pounds contained Nb2O5. In July 2013 the Company completed an inaugural independent Total Rare Earth Resource estimate for 48.7 million tonnes at 4.44% TREO (Indicated Classification) plus 110.7 million tonnes at 3.61% TREO (Inferred Classification) at a 1% TREO cut-off for a total of 6.14 million tonnes of contained TREO. For information about Pacific Wildcat Resources Corp. and its development and exploration activities shareholders and other interested parties are invited to visit the company's website at www.pacificwildcat.com.
Investors are cautioned that trading in the securities of Pacific Wildcat Resources Corp. should be considered highly speculative. The TSX Venture Exchange has neither approved nor disapproved the contents of this press release. Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. Cautionary note: This press release contains forward looking statements, particularly those regarding cash flow, capital expenditures, the completion of certain financings, work programs, the estimation of mineral resources and the Company's plans with respect to the exploration and development of its projects and its investment plans. By their nature, forward looking statements involve risk and uncertainties because they relate to events and depend on factors that will or may occur in the future. In particular, there can be no assurance that the Private Placement will complete. Actual results may vary depending upon exploration activities, industry production, commodity demand and pricing, currency exchange rates, and, but not limited to, general economic factors. There can be no assurance that the Company will be able to obtain all the permits that are required in order to commence mining operations at the Mrima Hill Project.