VANCOUVER, British Columbia, April 02, 2019 (GLOBE NEWSWIRE) -- Karsten Energy Corp. (the “Company”) (TSXV: KAY.H) is pleased to announce that it has reached an agreement with warrant holders whereby each, including insiders, have surrendered for cancellation, without additional compensation, warrants to purchase 4,200,000 common shares of the Company in the aggregate at a purchase price of $0.10 per share. The warrants were otherwise due to expire in November 2019.
Murray Oliver, the Company’s Chief Executive Officer, commented: “The outstanding warrants presented an obstacle to negotiations with a number of prospective companies with which we hoped to transact and with some of the people we hoped would join the Company to assist us to attract prospective businesses. We believe we are now better positioned to conclude future arrangements without having to first secure agreements with warrant holders.”
At present, the Company has 11,200,000 common shares issued and outstanding, no incentive stock options and no outstanding warrants. In addition, it has no material debts and just over $150,000 in cash.
About Karsten Energy
Karsten Energy is presently looking to acquire or otherwise transact with a new business or company. The Company’s common shares are presently listed for trading on the NEX Board.
ON BEHALF OF THE BOARD OF DIRECTORS
“Murray Oliver”
Murray Oliver, CEO
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