September 16, 2016 – Vancouver, British Columbia: Wildcat Exploration Ltd, (“the Company or Wildcat”), (TSX-V: WEL; OTC OTCQB:WCTXF) is pleased to announce that further to its news release dated September 8, 2016, the Company has closed its flow-through private placement offering raising gross proceeds of $600,000. The Company issued 10,000,000 flow-through units at a price of $0.06 per FT unit. Each FT unit is comprised of one common share and one share purchase warrant. Each share purchase warrant will entitle the holder thereof to purchase one additional common share of the Company at a purchase price of $0.08 per share, for a period of 24 months from closing.
Ron Loewen purchased 4,200,000 FT units from the Company at a price of $0.06 per FT unit, pursuant to the private placement. Prior to the closing of the private placement, Mr. Loewen held directly 3,024,536 shares and 4,524,536 warrants to purchase an additional 4,524,536 common shares of the Company, representing approximately 11.00% of the Company’s issued and outstanding shares on a post-conversion beneficial ownership basis. As a result of Mr. Loewen’s acquisition pursuant to the private placement, Mr. Loewen now holds 7,224,536 common shares and 7,200,000 warrants and stock options of the Company, representing approximately 17.62% of the Company’s current issued and outstanding shares of the Company on a post-conversion beneficial ownership basis
Tess McCann purchased 4,000,000 FT units from the Company at a price of $0.06 per FT unit, pursuant to the private placement. Prior to the closing of the private placement, Ms. McCann held directly 2,070,000 shares and 2,000,000 warrants to purchase an additional 2,000,000 common shares of the Company, representing approximately 6.19% of the Company’s issued and outstanding shares on a post-conversion beneficial ownership basis. As a result of Ms. McCann’s acquisition pursuant to the private placement, Ms. McCann now holds 6,070,000 common shares and 7,000,000 warrants and stock options of the Company, representing approximately 16.00% of the Company’s current issued and outstanding shares of the Company on a post-conversion beneficial ownership basis
Finder’s fees in the amount 970,000 units were paid in connection with the private placement. The 970,000 units are on the same terms as the private placement units. The private placement and the finder’s fees are subject to TSX Venture Exchange approval.
All shares and warrants issued pursuant to the private placement are subject to a four month plus a day hold period expiring on January 17, 2017.
The proceeds of the Private Placement will be used for advancement and development of the Company’s mineral exploration projects.
About Wildcat Exploration Ltd: http://www.wildcat.ca Wildcat Exploration Ltd. is a well funded Canadian company focused on the exploration and development of minerals related to the lithium battery sector. The Company has recently raised over $1.7 million dollars through a private placement. Wildcat Exploration has an option to acquire a 100% interest, subject to a 3% NSR, on a large lithium exploration project at the Humboldt Salt Marsh in Dixie Valley, Nevada. The geologic setting and presence of lithium in active geothermal fluids and surface salts in Dixie Valley match characteristics of producing lithium brine deposits at Clayton Valley, Nevada and in South America. Wildcat is planning an exploration program to be carried out in the fall and winter months of 2016/2017. The Company also has an option to acquire a 100% interest, subject to a 2% NSR, in and to certain mining claims located in the District of Temiskaming, Ontario.
On Behalf of the Board of Directors
Richard Wilson, President & CEO
Neither the 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 contents of this news release.
Disclaimer for Forward-Looking Information:
This news release may contain forward-looking statements which include, but are not limited to, comments that involve future events and conditions such as Exchange approval of the Option Agreement, which are subject to various risks and uncertainties. Except for statements of historical facts, comments that address resource potential, upcoming work programs, geological interpretations, receipt and security of mineral property titles, availability of funds, and others are forward-looking. Forward-looking statements are not guarantees of future performance and actual results may vary materially from those statements. Availability of financing, and general business conditions are all factors that could cause actual results to vary materially from forward-looking statements.