Kanosak Closes its Qualifying Transaction

MONTREAL, Sept. 20, 2012 /CNW Telbec/ - Kanosak Capital Venture Corporation (TSXV: KKV.P) (the "Corporation" or "Kanosak"), a capital pool company, is pleased to announce that it has completed its qualifying transaction, consisting of the acquisition of all rights, title and interests held by Amseco Exploration Ltd. (the "Vendor") in copper, gold and silver prospects at Yasinski Lake, Quebec (the "Property").

As consideration for the acquisition of the Property, the Corporation has issued 500,000 common shares to the Vendor at a deemed price of $0.30 per share, paid $60,000 in cash consideration to the Vendor and granted the Vendor a 1% Net Smelter Royalty. Kanosak also completed a concurrent brokered private placement by the issuance of 2,578,727 common shares at a price per share of $0.30 for gross proceeds of $773,618.10 (the "Private Placement"). In connection with the Private Placement, Kanosak paid a cash commission of $61,889.45 and issued 55,000 agent's options, each entitling the holder to subscribe for one common share at a price of $0.30 for a period of 24 months.

Subject to the approval of the TSX Venture Exchange (the "Exchange"), the Acquisition and the Private Placement shall constitute the Company's qualifying transaction. The Exchange has conditionally approved the qualifying transaction and the listing of the resulting issuer. Details of the Acquisition are contained in the Corporation's filing statement available on SEDAR at www.sedar.com.

Francois Ruel, Yves Grou, René Lopez, Yves Rougerie and Jean-Francois Lalonde remain directors of the Corporation. Mr. Jean Desmarais has also been appointed as a director of the Corporation. Mr. Ruel will continue to serve as President and Chief Executive Officer and Mr. Lopez will serve as Chief Financial Officer and Corporate Secretary.

This news release discusses items that may constitute forward-looking statements within the meaning of securities laws and that involve risks and uncertainties. Such statements include those with respect to the completion of the Qualifying Transaction. Although Kanosak believes in light of the experience of its officers and directors, current conditions and expected future developments and other factors that have been considered appropriate that the expectations reflected in such forward-looking statements are based on reasonable assumptions, they can give no assurances that those expectations will be achieved and actual results may differ materially from those contemplated in the forward-looking statements and information. Such assumptions, which may prove incorrect, include that the Qualifying Transaction will obtain all required regulatory approvals. Factors that could cause actual results to differ materially from expectations include an inability of Kanosak to meet the regulatory requirements for the completion of its qualifying transaction or the refusal of the Exchange to approve Kanosak's qualifying transaction for any reason. These factors and others are more fully discussed in the filings of the Vendor and of Kanosak with Canadian securities regulatory authorities available at www.sedar.com.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

SOURCE: Kanosak Capital Venture Corporation

For further information:

Kanosak Capital Venture Corporation 
François Ruel
President, Chief Executive Officer and Director
(514) 242-5952
(514) 504 9657 (fax)

Amseco Exploration Ltd.
Jean Desmarais
President, Chief Executive Officer and Director
(514) 284-5111
(514) 284-6111 (fax)

Profil de l'entreprise

Kanosak Capital Venture Corporation

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