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Wildcat Exploration Announced $400,000 Private Placement, New Date for Annual Special Meeting
Wildcat Exploration Ltd. (TSXV:WEL) announced that it intends to complete a non-brokered private placement of flow-through and non-flow through units to raise the gross proceeds of up to $400,000. The company also announced that it has rescheduled its annual and special meeting of shareholders to Wednesday, July 8, 2015.
As quoted in the press release:
Each flow-through unit (“FT Unit”), to be issued at a price of $0.05 per FT Unit, consists of one flow through common share and one share purchase warrant which entitles the holder to acquire a non-flow through common share of the Company at a price of $0.10 per share during the 24 month period following closing. Each non-flow through unit (“NFT Unit”), to be issued at a price of $0.05 per NFT Unit, consists of one common share and one share purchase warrant which entitles the holder to acquire a non-flow through common share of the Company at a price of $0.05 per share during the 24 month period following closing.
Pursuant to the private placement, up to 8,000,000 units, in a proportion of FT Units and NFT Units to be determined by the Company, will be issued on closing. Insiders of the Company may participate for greater than 25% of the private placement.
The proceeds from sale of the FT Units will be used for the Company’s exploration projects including the Pikoo, SK area diamond properties which it intends, subject to regulatory approval, to acquire from Copper Reef Mining Corporation, Strike Diamond Corp. and Kalt Industries Ltd. (see news release dated May 12, 2015) and proceeds from the sale of NFT Units will be used for general corporate purposes.
The Company may pay finders’ fees of up to 6% of the gross proceeds raised from the sale of units in cash and may issue warrants of up to 6% of the number of FT Units and NFT Units sold to parties introduced to the Company by the respective finder on terms identical to those of the warrants contained in the respective units.The postponement was to allow time for the Company to advance the preparation of documents, and to incorporate information relating to its previously announced intention to acquire diamond exploration property interests in the Pikoo and Fort a la Corne areas of Saskatchewan and gold exploration property interests in the Flin Flon area of Manitoba (see news release May 12, 2015) in the proxy, notice and information circular for the Meeting.
Click here to read the Wildcat Exploration Ltd. (TSXV:WEL) press release
Click here to see the Wildcat Exploration Ltd. (TSXV:WEL) profile.
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