September 8, 2016 – Vancouver, British Columbia: Wildcat Exploration Ltd, “the Company”, (TSX-V: WEL) is pleased to announce that further to the Letter of Intent entered into with Palisade Resources Corp. (“Palisade”) on August 8, 2016 and extended on August 30, 2016, the Company has now entered into an Option Agreement with Palisade dated September 8, 2016 (the “Agreement”) to acquire up to a 100% interest, subject to a 2% Net Smelter Royalty, in and to certain mining claims located in the District of Temiskaming, Ontario (the “Property”), subject to TSX Venture Exchange (“Exchange”) approval.
Pursuant to the terms of the Agreement, the Company may exercise the Option as follows:
- Making a payment of $200,000 (of which $50,000 has been paid as a refundable deposit) and issuing Palisade 2,500,000 shares of the Company upon Exchange approval;
- Making a payment of $50,000 and issuing Palisade 2,500,000 shares of the Company on or before six months from the date of Exchange approval in order to acquire an initial 40% interest in the Property (the “Second Option Payment”);
- Making a payment of $50,000 and issuing Palisade 500,000 shares of the Company every six months from the date of the Second Option Payment for a period of 72 months to acquire an additional 5% interest in the Property every six‐month period.
All shares issued pursuant to the Agreement will be subject to a hold period as required under applicable securities legislation.
The Company also announces the results of the 2016 Annual General and Special Meeting of its shareholders held on September 7, 2016 (the “Meeting”).
The following individuals were elected as directors of the Company: Richard Wilson, James Hellwarth, Douglas Eacrett and Albert (Rick) Timcke. Shareholders also approved the appointment of James Stafford, Inc., Chartered Accountants, as auditors of the Company.
An ordinary resolution approving the Company’s new 20% fixed Stock Option Plan was approved, and a special resolution approving the adoption of new Articles of the Company was also approved.
The Company also announces a non‐brokered private placement offering of 10,000,000 flow through‐units (“FT Units”) at a price of $0.06 per FT Unit for gross proceeds of $600,000. Each FT Unit is comprised of one flow‐through common share of the Company and one non‐transferable share purchase warrant. Each whole warrant will entitle the holder thereof to purchase one additional common share of the Company at an exercise price of $0.08 per share, for a period of two years from closing, subject to Exchange approval.
Finder’s fees will be paid in connection with the private placement and all finder’s fee payable are subject to Exchange approval.
The proceeds of the Private Placement will be used for advancement and development of the Company’s mineral exploration projects.
All securities issued in connection with the private placement are subject to a four month and a day hold period in accordance with applicable Securities Laws.
The Company also announces that it has granted stock options to its directors, officers, and consultants to purchase an aggregate of 9,500,000 common shares in the capital of the Company. The stock options are exercisable for a term of five years at an exercise price of $0.06 per share. All stock options are granted in accordance with the terms of the Company’s Stock Option Plan and the Exchange policies and will be subject to a hold period of four months and a day.
About Wildcat Exploration Ltd: http://www.wildcat.ca
Wildcat Exploration Ltd is a well-funded Canadian company focused on the exploration and development of minerals related to the lithium battery sector. The company has recently raised over $1.7 million dollars through a private placement. On July, 15th, 2016 the company announced an option agreement to acquire a large lithium exploration project at the Humboldt Salt Marsh in Dixie Valley, Nevada. The geologic setting and presence of lithium in active geothermal fluids and surface salts in Dixie Valley match characteristics of producing lithium brine deposits at Clayton Valley, Nevada and in South America. Wildcat is planning an exploration program to be carried out in the fall and winter months of 2016/2017.
On Behalf of the Board of Directors
President & CEO
Neither the 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 contents of this news release.
Disclaimer for Forward-Looking Information:
This news release may contain forward-looking statements which include, but are not limited to, comments that involve future events and conditions such as Exchange approval of the Option Agreement and the Financing and the Company’s ability to exercise the Option or close the Financing, which are subject to various risks and uncertainties. Except for statements of historical facts, comments that address resource potential, upcoming work programs, geological interpretations, receipt and security of mineral property titles, availability of funds, and others are forward-looking. Forward-looking statements are not guarantees of future performance and actual results may vary materially from those statements. Availability of financing, and general business conditions are all factors that could cause actual results to vary materially from forward-looking statements.