February 23, 2017 11:45 ET
TORONTO, ONTARIO--(Marketwired - Feb. 23, 2017) - Karr Securities Inc. ("Karr") announces that it has acquired ownership and control over 8,312,000 units ("Units") of Karmin Exploration Inc. ("Karmin" or the "Corporation") listed on the TSX Venture Exchange ("TSXV") under trading symbol, "KAR", pursuant to participation in a non-brokered private placement offering of Units by Karmin (the "Offering"). Each Unit consisted of one common share of the Corporation and one-half of one common share purchase warrant (each whole, a "Warrant"). Each whole Warrant entitles the holder thereof to acquire one common share of the Corporation at a price of $0.35 until February 10, 2020.
Immediately before the Offering, Karr had beneficial ownership of 14,353,727 common shares of the Corporation representing approximately 23.5% of the Corporation's then issued and outstanding common shares.
Immediately after the closing of the Offering, Karr beneficially owns and controls 22,665,727 common shares and 4,156,000 Warrants, representing approximately 29.7% of the issued and outstanding shares of the Corporation on a non-diluted basis, and approximately 33.3% on a partially diluted basis assuming exercise of the Warrants.
Karr has purchased these shares for investment purposes. Karr has no present intention to increase its holdings in Karmin although it will evaluate the investment in Karmin and whether to increase or decrease its shareholdings in response to market conditions, the business and prospects of Karmin and other factors.
A copy of the early warning report with respect to the foregoing will appear with Karmin's profile on the System for Electronic Document Analysis and Retrieval ("SEDAR") at www.sedar.com and may also be obtained by contacting:
Robert CiccarelliPresident(519) 337-0535
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