WILDCAT ANNOUNCES $13 MILLION PRIVATE PLACEMENT WITH SILVER WHEATON
VANCOUVER, March 7 /CNW/ - Wildcat Silver Corporation (TSXV:WS.V) ("Wildcat" or "the Company") has entered into an agreement with Silver Wheaton Corp. ("Silver Wheaton") for a $13 million private placement of 10 million shares at a price of $1.30 per share.
As part of the agreement, Silver Wheaton has a right of first refusal over any silver stream or royalty financing that Wildcat may choose to sell from its Hardshell project located in Arizona.
"We are pleased to enter into this agreement with Silver Wheaton," commented Chris Jones, Wildcat's President and CEO. "This agreement provides additional support in our belief that Hardshell is a superior asset with significant potential and also further strengthens our balance sheet. As we continue with our exploration program, we remain focused on notably expanding the current resource."
Proceeds from the private placement will be used for general working capital purposes. The above agreement is subject to regulatory approval.
About Wildcat
Wildcat Silver is a Canadian mineral exploration company focused on development of Hardshell, its 80% owned silver-manganese project located in Santa Cruz County, Arizona. The recently completed updated preliminary economic assessment estimates average annual production four million ounces of silver over an 18 year mine life at industry low cash costs of negative $5.84 per ounce net of by-product credits. The project currently has an indicated mineral resource of 6.0 million tonnes averaging 187.8 grams per tonne silver and 6.83% manganese for a total of 36 million ounces of silver and 410,000 tonnes of manganese, in addition to an inferred mineral resource of 46.3 million tonnes averaging 58.6 grams per tonne silver and 7.44% manganese for a total of 85 million ounces of silver and 3.4 million tonnes of manganese.
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