VANCOUVER, Oct. 8, 2013 /CNW/ - Karoo Exploration Corp. (the "Company") (TSX-V: KE.V) is pleased to announce that, further to its previous announcement on
September 20, 2013, the Company has closed its private placement for
gross proceeds of $339,280, and has issued 4,241,000 units of the
Company at a price of $0.08 per unit. Each unit consists of one common
share of the Company and one half of one common share purchase warrant,
with each whole warrant entitling the holder to purchase one additional
common share of the Company at a price of $0.15 per warrant share for a
period of twenty-four (24) months.
In connection with the offering, the Company has paid finder's fees of
$17,129.60 and has issued 214,120 finder's warrants to finders that
introduced subscribers to the Company. The finder's warrants have the
same terms as the warrants forming part of the units.
All securities issued in connection with the Offering will be subject to
a four month and a day hold period expiring on February 9, 2014.
The proceeds of the Offering will be used for the Company's general
working capital purposes.
Neither 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.
Statements included in this announcement, including statements
concerning our plans, intentions and expectations, which are not
historical in nature are intended to be, and are hereby identified as,
"forward-looking statements". Forward-looking statements may be
identified by words including "anticipates", "believes", "intends",
"estimates", "expects" and similar expressions. The Company cautions
readers that forward-looking statements, including without limitation
those relating to the Company's future operations and business
prospects, are subject to certain risks and uncertainties that could
cause actual results to differ materially from those indicated in the
SOURCE Karoo Exploration Corp.