Karsten Energy Corp.
TSX VENTURE : KAY.P

June 07, 2013 13:30 ET

Karsten Energy Corp. Completes Initial Public Offering and Commences Trading on TSX Venture Exchange

VANCOUVER, BRITISH COLUMBIA--(Marketwired - June 7, 2013) - Karsten Energy Corp. (the "Company"), a capital pool company, is pleased to announce that it has completed its initial public offering (the "Offering") and commenced trading on the TSX Venture Exchange today under the trading symbol "KAY.P".

The Company issued an aggregate of 2,000,000 common shares of the Company to purchasers in British Columbia and Alberta and offshore jurisdictions at a purchase price of $0.10 per share for gross proceeds to the Company of $200,000. Macquarie Private Wealth Inc. acted as agent in respect of the Offering and received a cash commission of $20,000, a corporate finance fee of $12,500 and non-transferable warrants to acquire an aggregate of up to 200,000 common shares for a period of two years from the date of the listing of the common shares of the Company on the TSX Venture Exchange at an exercise price of $0.10 per share.

The Company is a capital pool company within the meaning of the policies of the TSX Venture Exchange. The Company has not commenced operations and has no assets other than cash. The Company will use the net proceeds of the Offering to identify and evaluate potential Qualifying Transactions pursuant to the policies of the TSX Venture Exchange.

ON BEHALF OF THE BOARD

Murray Oliver, Chief Executive Officer, President and Director

This press release includes "forward-looking information" that is subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of the Company. Investors are cautioned that any such statements are not guarantees of future events and that actual events or developments may differ materially from those projected in the forward-looking statements. Such forward-looking statements represent management's best judgment based on information currently available.

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.

Contact Information

  • Karsten Energy Corp.
    Suite 270 - 666 Burrard Street
    Vancouver, British Columbia V6C 2X8