VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov 26, 2012) - Pacific Wildcat Resources Corp. (TSX VENTURE:PAW) ("PAW" or the "Company") advises further to the Company''s News Release dated September 19, 2012 and titled "PAW signs Financing Facilities to facilitate Closing of Acquisition of Stirling Capital Limited and Cortec (Pty) Ltd", the Company has executed an amendment to the non-revolving credit facility agreement ("Amended and Restated Credit Agreement"). Under the terms of the Amended and Restated Credit Agreement PAW has now received the second drawdown amount of CDN$500,000.
The key terms of the Amended and Restated Credit Agreement are:
- The requirement to repay the convertible note by the 17th December 2012 if PAW''s Tantalum Assets in Mozambique are sold prior to this date.
- If the Tantalum Asset sale does not close by 17th December 2012 then PAW shall release the convertible note provider from any further obligations with respect to the outstanding instalments (Tranche 3 and 4) of the convertible note, and
- If the Tantalum Asset sale does not close by 17th December 2012 then PAW and its subsidiaries shall, within a period no later than 3 weeks after the 17th December 2012, provide the convertible note provider and holder with security and charge over the Mozambican Tantalum Assets.
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 In addition, substantial rare earths mineralization has been identified and it is the objective of the Company to complete a Rare Earth Resource RC drilling program over the next 6 months.
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. 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. The rare earths historical resource estimates is considered speculative and therefore noncompliant with National Instrument 43-101 ("NI 43-101") reporting standards and should not be relied upon. The Company is not treating the historical estimate as current mineral resources or reserves. The Company has not undertaken any independent investigation of the historic rare earths resource estimates. The Company believes that these historical resource estimates provide a conceptual indication of the potential of mineral occurrences within the project and are relevant to ongoing exploration. The Company intends to confirm the historic resource estimates through drilling as soon as possible.