Wildcat Closes $5 Million Private Placement

Wildcat Silver Corporation (TSXV:WS) announced the closing of a non-brokered private placement of ten million units at a price of Cdn$0.50 per unit for gross proceeds of Cdn$5 million.

The press release is quoted as saying:

Each unit is comprised of one common share and one half of one non-transferable share purchase warrant. One whole warrant entitles the holder to purchase one common share at a price of Cdn$0.75 per common share until October 5, 2011. Proceeds from the financing will be used to execute a 12,500 ft (4,000 meter) exploration drilling program designed to explore high value targets around the existing mineral resource. Metallurgical drilling will also be undertaken to provide material for additional studies designed to optimize current processing plans. Wildcat also plans to operate a pilot plant with this material to further define the metallurgical operating characteristics and provide detailed design inputs for the Hardshell processing plant.

Click here to access the entire press release

Click here to access Wildcat Silver Corporation Corporate Site