Wildcat Closes $3 Million Private Placement
July 6, 2009
Vancouver, B.C., July 6, 2009 - Wildcat Silver Corporation (TSX-V: WS) (“Wildcat” or “the Company”) announces the closing of a non-brokered private placement of 10 million units at a price of $0.30 per unit for gross proceeds of $3 million.
Each unit comprises one common share and one non-transferable share purchase warrant entitling the holder to purchase one common share at a price of $0.50 per common share for a period of two years from June 30, 2009.
Wildcat President and CEO Chris Jones said: “We are bringing two drill rigs back on site with these funds to launch a second phase drill program at the Hardshell property. Drilling to date has outlined an inferred resource containing 53.5 million ounces of silver and 1.2 billion pounds of manganese which we expect to build upon with additional drilling and delineation. We are excited about the potential to add to this already large resource base.” As required under securities regulations, the securities issued through this transaction are subject to a hold period expiring October 31, 2009. A finder’s fee of $89,625 and 298,750 units is payable to Peninsula Merchant Syndications Corp., a private merchant bank controlled by Sam Magid. Net proceeds from the transaction will be used to fund general working capital.
The Hardshell property is a silver-manganese-zinc-copper-lead mineralized zone located 100 kilometres southeast of Tucson, Arizona, approximately 15 kilometres north of the Mexico border. A February 2007 preliminary assessment by Pincock, Allen & Holt cited an inferred resource of 53.5 million ounces of silver along with nearly 1.2 billion pounds of manganese (details available in the Company’s news release dated February 13, 2007, available on www.wildcatsilver.com). The Company recently raised $3 million in a private placement and is mobilizing two drill rigs to site to advance the property toward feasibility.
Wildcat is a Canadian mineral exploration company focused on development of the Hardshell project in Santa Cruz County, Arizona. The Hardshell property is held by Arizona Minerals Inc., of which Wildcat is an 80% owner. Wildcat trades on the TSX Venture Exchange under the symbol WS.
On behalf of the Board of Directors,
President and Chief Executive Officer
FORWARD LOOKING STATEMENTS
The statements that are not historical facts are forward-looking statements involving known and unknown risks and uncertainties that could cause actual results to vary materially from targeted results. Such risks and uncertainties include those described from time to time in the Corporation’s latest annual report and management discussion and analysis. The Corporation assumes no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise.
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.