WINNIPEG, MANITOBA--(Marketwire - May 26, 2009) - Wildcat Exploration Ltd. (TSX VENTURE:WEL) is pleased to announce that it has completed its previously announced private placement of Units. To accommodate investor interest in the issue, the Company received regulatory approval to increase the amount of the private placement, bringing the total gross proceeds to $557,000. A total of 9,140,000 Units were issued in the second and final closing for gross proceeds of $457,000.

The proceeds of the private placement will be used for exploration in Canada, primarily to advance the Company's gold projects located in the Rice Lake gold camp, the base metal project at Reed Lake in the Flin Flon-Snow Lake greenstone belt, both located in Manitoba, and the Foster River Zn-Pb-Ag project located in Saskatchewan.

In combination with the first closing, total gross proceeds of $557,000 were received as consideration for 11,140,000 Units. Each Unit was issued for $0.05 and consists of one flow through common share and one-half warrant. Each full warrant entitles the holder to purchase one additional common share for $0.15 within one year of the closing date. In the final closing, two insiders subscribed for 300,000 Units.

Finders' fees of $10,000 were paid in connection with the final closing, together with 150,000 Units in lieu of cash. A total of 350,000 finders' warrants, exercisable on the same terms as the warrants forming part of the Units, were issued.

Commenting on the financing, Wildcat's President and CEO, John Knowles, said, "In challenging markets we are pleased at the interest that investors have shown in Wildcat. Our work on projects in three exciting areas of Manitoba and Saskatchewan, in addition to results by other companies operating in the vicinity of our projects, is generating encouraging results."

All securities distributed pursuant to the private placement are subject to a hold period of four months following closing.

Management takes this opportunity to remind shareholders that the Annual General and Special Meeting of Shareholders of Wildcat Exploration Ltd. (the "Corporation") will be held at the Hilton Suites Winnipeg Airport, 1800 Wellington Avenue, Winnipeg, Manitoba, on Thursday June 4, 2009 at 10:00 a.m. (local time).