With us today is Frank C. Smeenk President & Chief Executive Officer of KWG Resources Inc. Mr. Smeenk discusses recent conversation with Noront Resources after proposed acquisition of Cliffs Chromite was announced.
VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 19, 2013) - Pacific Wildcat Resources Corp. (TSX VENTURE:PAW) ("PAW" or the "Company") would like to announce that it has received a subscription agreement for a non-brokered private placement (the "Private Placement") of 25,000,000 units (each a "Unit") at a purchase price of CDN$0.06 per Unit, to raise aggregate gross proceeds to the Company of CDN$1.5 million.
Each Unit will consist of one common share (a "Share") in the capital of the Company and one-half of one non-transferable common share purchase warrant (a "Warrant"). Each whole Warrant will entitle the holder thereof to purchase one additional common share (a "Warrant Share") of the Company at an exercise price of CDN$0.10 per Warrant Share for a period of 12 months from the closing date of the Private Placement.
All securities issued under the Private Placement will be subject to a four month hold period from the date of issuance. The proposed Private Placement is subject to the approval from the TSX Venture Exchange.
The proceeds from the Private Placement will be used to fund additional resource definition work including the preparation of an inaugural National Instrument 43-101 compliant Total Rare Earth Resource at the Mrima Hill Project, advancing metallurgical work on the Mrima Hill Project and for general working capital purposes.
ON BEHALF OF THE BOARD OF DIRECTORS OF PACIFIC WILDCAT RESOURCES CORP.
Darren Townsend, President & CEO
About Pacific Wildcat Resources Corp.
Pacific Wildcat is a TSX Venture Exchange listed Canadian mineral exploration company having the trading symbol "PAW". PAW owns 100% of Stirling Capital Ltd and Cortec Pty Ltd, two UK companies that between them own a 70% interest in Cortec Mining Kenya Limited, a Kenyan company which has the exploration rights to the Mrima Hill Niobium and Rare Earth Project in Kenya. This is an ex Anglo American and Pechiney property the subject of extensive historic work. In July 2011 the Company completed an initial NI 43-101 compliant inferred niobium resource estimate of 105.3 million tonnes at 0.65% Nb2O5 for a total of 1.519 billion pounds contained Nb2O5 to a depth of 30 metres from the surface. For information about Pacific Wildcat Resources Corp. and its development and exploration activities shareholders and other interested parties are invited to visit the company's website at www.pacificwildcat.com.
Investors are cautioned that trading in the securities of Pacific Wildcat Resources Corp. should be considered highly speculative. Cautionary note: This press release contains forward looking statements, particularly those regarding cash flow, capital expenditures, the completion of certain financings, work programs, the estimation of mineral resources and the Company's plans with respect to the exploration and development of its projects and its investment plans. By their nature, forward looking statements involve risk and uncertainties because they relate to events and depend on factors that will or may occur in the future. In particular, there can be no assurance that the Private Placement will complete. Actual results may vary depending upon exploration activities, industry production, commodity demand and pricing, currency exchange rates, and, but not limited to, general economic factors. There can be no assurance that the Company will be able to obtain a mining licence or any of the permits that are required in order to commence mining operations at the Mrima Hill Project.
FOR FURTHER INFORMATION PLEASE CONTACT:Pacific Wildcat Resources Corp.Terese GieselmanCompany Secretary/Chief Financial Officeremail@example.com
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.