VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 11/19/14 -- Karsten Energy Corp. (TSX VENTURE: KAY.P) (the "Company") is pleased to announce that it has completed and received final acceptance from the TSX Venture Exchange in respect of the Company's qualifying transaction originally announced on July 28, 2014 and described in detail in the Company's Filing Statement dated September 30, 2014 (available under the Company's profile at www.sedar.com).
In addition, the Company has closed its concurrent non-brokered private placement pursuant to which it raised gross proceeds of $300,000.
Closing of Private Placement
At the closing of the private placement, the Company issued 3,000,000 units at a price of $0.10 per unit for gross proceeds of $300,000. Each unit consists of one common share and one common share purchase warrant. The warrants comprising the units are only transferable with the prior written approval of the Company and entitle the holder thereof to purchase one common share of the Company at a price of $0.10 per share until November 18, 2019.
All securities issued or issuable under the private placement are subject to a four-month hold period expiring on March 19, 2015 pursuant to applicable Canadian securities laws and the policies of the Exchange.
The Resulting Issuer and Resumption of Trading
As indicated in the bulletin issued by the Exchange today, the Company will resume trading on the Exchange at market open on Friday, November 21, 2014. The Company will be classified as a Tier 2 mining company with the trading symbol "KAY".
The Company is also pleased to announce that David Dupre has been appointed to its board of directors. All other directors and officers will remain in their current roles with the Company.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Contacts:
Murray Oliver
President and Chief Executive Officer
604-687-0888
