Wildcat Exploration Completes First Tranche of Flow-Through Private Placement

Wildcat Exploration, Inc. has placed two million units at 5 cents each for proceeds of $100,000. In addition to a share, each unit has half a purchase warrant with exercise price of 15 cents. The warrants expire a year after the close of the deal. No finder's fees were paid for this tranche, even though finder fees are allocated for the entire offering of 8 million shares. Gross proceeds are expected to be $400,000. The net proceeds from this offering are earmarked for exploring Wildcat's gold properties near Bisset Manitoba and base metal/PGE projects near Flin Flon. Also noted in the news release is a belt-tightening initiative, which includes 50% pay cuts for management.

The price of the units was well above the price Wildcat shares have traded so far today. Two trades went at 3.5 cents, unchanged since Friday's close. Both trades took place in the early morning. As of 3 PM ET, the ask is the same as the trades and the bid is 0.5 cents lower.

Wildcat Exploration Inc.'s Google Finance page is here.

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