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.
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