November 22, 2016 09:00 ET
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Nov. 22, 2016) - Karsten Energy Corp. (TSX VENTURE:KAY) (the "Company") is pleased to announce that it has closed its previously announced non-brokered private placement. The Company raised gross proceeds of $120,000 through the issuance of 1,200,000 units at a price of $0.10 per unit (the "Units"). Each Unit is comprised of one common share of the Company and one transferable common share purchase warrant (the "Warrant"). Each Warrant entitles the holder to purchase one additional common share of the Company at an exercise price of $0.10 per share until November 18, 2019.
No finders' fees were paid in connection with the private placement.
Management of the Company purchased 150,000 Units in the private placement, representing approximately 12.5% of the Units sold in the private placement.
All securities issued or issuable in the private placement are subject to a hold period under applicable Canadian securities laws. The hold period on securities issued in the private placement will expire on March 22, 2017.
The Company intends to use the proceeds raised from the private placement for general working capital purposes.
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.
Karsten Energy Corp.Murray OliverPresident and Chief Executive OfficerTelephone: 604-687-0888Email: firstname.lastname@example.org
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