VANCOUVER, Aug. 21,
2014 /CNW/ - Wildcat Silver Corporation (TSX: WS)
("Wildcat" or the "Company") has closed the previously announced
non-brokered private placement with the Chairman and CEO of the
Company of 4.5 million units at C$0.45 per unit for gross proceeds of
C$2 million. Each unit is comprised
of one Wildcat common share and one common share purchase warrant
exercisable into one additional Wildcat common share at a price of
C$0.55 per Wildcat common share for a
period of two years.
The private placement includes the conversion
into 1,455,026 units of the loan advances and interest at 7% that
were previously provided by Wildcat's Chairman and CEO.
The net proceeds from the financing of C$1.35 million will be used for a four to five
hole drill program, which has commenced, that will test the
extension of the Sulfide Skarn resource and for general working
capital purposes.
About Wildcat
Wildcat is a
Canadian mineral exploration company focused on the development of
its 80% owned Hermosa silver-manganese project located in
Santa Cruz County, Arizona. When
in production, Hermosa is expected to be one of the largest primary
silver producers as well as the only electrolytic manganese metal
producer in the USA at industry
low cash costs. The December 2013
pre-feasibility study estimates annual production of 5.7 million
ounces of silver and 110 million pounds of electrolytic manganese
metal (EMM) at average cash costs of $4.41 per silver ounce and $0.74 per EMM pound over an 18 year mine
life.
Cautionary Note Regarding Forward-Looking
Information
Certain information contained in this press
release constitutes forward-looking statements. All
statements, other than statements of historical facts, are forward
looking statements including statements with respect to the
Company's intentions for its Hermosa project in Arizona, USA including, without limitation to,
drilling on the Sulfide Skarn Zone and expected future mineral
production and operating costs. Forward-looking
statements are often, but not always, identified by the use of
words such as may, will, seek, anticipate, believe, plan, estimate,
budget, schedule, forecast, project, expect, intend, or similar
expressions.
The forward-looking statements are based on a
number of assumptions which, while considered reasonable by
Wildcat, are subject to risks and uncertainties. In addition
to the assumptions herein, these assumptions include the
assumptions described in Wildcat's management's discussion and
analysis for the year ended December 31,
2013 ("MD&A"). Wildcat cautions readers that
forward-looking statements involve and are subject to known and
unknown risks, uncertainties and other factors which may cause
actual results, performance or achievements to differ materially
from those expressed in or implied by such forward-looking
statements and forward-looking statements are not guarantees of
future results, performance or achievement. These risks,
uncertainties and factors include general business, economic,
competitive, political, regulatory and social uncertainties; actual
results of exploration activities and economic evaluations;
fluctuations in currency exchange rates; changes in project
parameters; changes in costs, including labour, infrastructure,
operating and production costs; future prices of silver and other
minerals; variations of mineral grade or recovery rates; operating
or technical difficulties in connection with exploration,
development or mining activities, including the failure of plant,
equipment or processes to operate as anticipated; delays in
completion of exploration, development or construction activities;
changes in government legislation and regulation; the ability to
maintain and renew existing licenses and permits or obtain required
licenses and permits in a timely manner; the ability to obtain
financing on acceptable terms in a timely manner; contests over
title to properties; employee relations and shortages of skilled
personnel and contractors; the speculative nature of, and the risks
involved in, the exploration, development and mining business; and
the factors discussed in the section entitled "Risks and
Uncertainties" in the MD&A.
Although Wildcat has attempted to identify
important risks, uncertainties and other factors that could cause
actual performance, achievements, actions, events, results or
conditions to differ materially from those expressed in or implied
by the forward-looking information, there may be other risks,
uncertainties and other factors that cause performance,
achievements, actions, events, results or conditions to differ from
those anticipated, estimated or intended. Unless otherwise
indicated, forward-looking statements contained herein are as of
the date hereof and Wildcat disclaims any obligation to update any
forward-looking statements, whether as a result of new information,
future events or results or otherwise, except as required by
applicable law.
SOURCE Wildcat Silver Corporation