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Karsten Energy (TSXV: KAY) receives exchange approval for its qualifying transaction

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Concurrent with the closing of its qualifying transaction, the company closed a non-brokered private placement of 3 million units at a price of $0.10 per unit, for gross proceeds of $300,000. Each unit consisted of one share and one share purchase warrant, with the warrant having an exercise price of $0.10 until November 2018.

Additional Information:

Company: Karsten Energy
Website: NA
Stock Symbol: TSXV: KAY
Date Published: Nov 25, 2014
Transcript: Available

Video Transcript:

I’m Samantha Deutscher for Investmentpitch Media

Karsten Energy has received exchange approval for its qualifying transaction, and is now trading under the symbol KAY on the TSX Venture Exchange.

Concurrent with the closing of its qualifying transaction, the company closed a non-brokered private placement of 3 million units at a price of $0.10 per unit, for gross proceeds of $300,000. Each unit consisted of one share and one share purchase warrant, with the warrant having an exercise price of $0.10 until November 2018.

As a Capital pool Company, the company completed its IPO in June 2013, issuing 2 million shares at $0.10 per share.

This followed a 5 million share seed round at $0.05 per share.

In July 2014, the company announced its proposed qualifying transaction, an undivided 100% interest in the Mackenzie Property, which is 100% owned by Metallis Resources and located 190 kilometres west of the town of Norman Wells on the Mackenzie River.

The Mackenzie Property is an early stage iron-copper property comprising 34 mineral claims covering 21,000 hectares of Crown land in the Northwest Territories of Canada.

The property comprises one claim block that surrounds the mineral leases that define Chevron Canada’s Crest Property, which according to the July 24, 2014 Technical Report filed on Sedar.com, is believed to be the second largest, undeveloped, iron‐ore deposit in the world.

Although Karsten has not yet conducted any exploration on the Mackenzie Property, the property has a history of work, including the identification of two outcrops of iron formation on claim CV11.

Assay results from the two samples returned values of 49.52% iron oxide over 2.25 meters and
48.25% iron oxide over 2.3 meters.

Karsten plans a 2 phase program totalling $2,240,000.

Initially, it is recommended that a desktop study be conducted to digitally incorporate all available
Chevron data into a property scale model.

The shares are trading at $0.11 and with 10 million shares outstanding, the company is capitalized at $1.1 million.

For a more information, please contact Murray Oliver, President & CEO at 604-687-0888 or email mjo@pemcorp.com.

I’m Samantha Deutscher for Investmentpitch Media
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