May 13, 2010 (Marketwire Canada) -- VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 13, 2010) -
"NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES"
Pacific Wildcat Resources Corp. (TSX VENTURE:PAW) ("PAW" or the "Company") wishes to announce the Closing of the non-brokered private placement (the "Financing") previously announced in the news release dated April 7th, 2010.
The Financing is a non-brokered private placement involving the issuance of 3,961,088 units at a price of $0.18 per unit for gross proceeds of $712,996.00. Each unit (a "Unit") will consist of one common share and one-half of one common share purchase warrant. Each whole warrant shall entitle the holder to purchase, at any time within 12 months from the closing of the Financing, one common share at a price of $0.23. The Company paid finders' fees of 7.25% units (150,235 units in total, having the same terms as the Units) on a portion of the Financing. The shares and warrants issued are subject to a four month plus one day hold from the date of closing of the private placement.
In addition the company is pleased to announce the early exercise of 2,440,137 August 2010 warrants to raise $366,021. These warrants have been exercised by entities in which the President has a beneficial interest as well as other major shareholders of the Company.
The proceeds of these funds will be used to continue work on further development on the Company's Mozambique properties (including the refurbishment of the recently purchased Tantalum treatment plant), for assessing potential growth opportunities and for general working capital.
Furthermore, the Company has received TSX Venture Exchange ("Exchange") approval to issue 2,000,000 common shares as a bonus ("Bonus Shares") to its President and CEO, Mr. Darren Townsend as executive compensation. PAW received disinterested shareholder approval at the Company's Annual General Meeting held on February 4, 2010.
The Bonus Shares will be issued on the first and second anniversaries of the closing of the reverse takeover transaction which was completed in August 2009. 1,000,000 Bonus Shares will be issued on August 7, 2010 and 1,000,000 Bonus Shares will be issued on August 7, 2011, at a deemed price of $0.12 and will be subject to a four month hold period.
ON BEHALF OF THE BOARD OF DIRECTORS OF PACIFIC WILDCAT RESOURCES CORP.
Darren Townsend, President
Investors are cautioned that trading in the securities of Pacific Wildcat Inc. 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.