Karmin Announces Closing of Previously Announced Private Placement


TORONTO, Sept. 27, 2011 /CNW/ - Further to its news release dated September 9, 2011, Karmin Exploration Inc. ("Karmin") (TSXV: KAR) announced that the non-brokered private placement (the "Private Placement") involving certain members of the board of directors of Karmin (the "Board") appointed on September 2, 2011, being David Brace, Terence Ortslan, Richard Faucher and Ed Guimaraes (collectively, the "Participating New Directors") and a consultant to Karmin has closed.

The TSX Venture Exchange (the "TSX-V") issued a bulletin dated September 19, 2011 approving the Private Placement.

In connection with the Private Placement, an aggregate of 637,500 common shares in the capital of Karmin (the "Common Shares") were issued to the Participating New Directors and the consultant at a price of $0.40 per Common Share for gross proceeds of $255,000.00.

The Common Shares issued to the Participating New Directors will be subject to a four-month hold period in compliance with the rules of the TSX-V.

As previously disclosed, the proceeds of the Private Placement are intended to be used to further the mandate of the newly comprised Board to pursue various strategic transactions in order for Karmin to achieve its corporate objectives.

About Karmin

The Common Shares are listed on the TSX-V and trade under the symbol "KAR". The principal business of Karmin is to acquire and explore resource properties. Karmin's main project is located at Aripuanã, Brazil. Karmin owns 30% of the Aripuanã zinc project, one of the largest undeveloped zinc projects in Brazil. Aripuanã covers a complete mineralized massive sulphide district, with five areas of mineralization (Arex, Ambrex, Babacu, Massaranduba and Mocoto) over a 25 kilometre strike length. Karmin also owns 100% of the Aripuanã gold-silver project which includes the gold and silver mineralization associated with the near surface oxidized portions of the massive sulphide deposits.

This news release contains forward-looking statements relating to the Transactions. Forward-looking statements include, but are not limited to, possible events and statements. The words "plans," "expects," "is expected," "scheduled," "estimates," "forecasts," "projects," "intends,"  anticipates," or "believes," or variations of such words and phrases or statements that certain actions, events or results "may," "could," "would," "might," or "will be taken," "occur," and similar expressions identify forward-looking statements.

Such statements are not historical facts. Readers are cautioned not to place undue reliance on forward-looking statements, as there can be no assurance that the plans, intentions or expectations upon which they are based will occur. By their nature, forward-looking statements involve numerous assumptions, known and unknown risks and uncertainties, both general and specific, that contribute to the possibility that the predictions, forecasts, projections in the forward-looking statements will not occur, and that actual performance and results in future periods may differ materially from any estimates or projections of future performance or results expressed or implied by such forward-looking statements. These assumptions, risks and uncertainties include, among other things: the inability to obtain or meet conditions imposed by applicable  regulatory requirements relating to the Transactions and the inability to successfully implement and execute Karmin's corporate objectives.

The forward-looking statements contained in this news release are made as of the date of this news release. Except as required by law, Karmin disclaims any intention and assumes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Additionally, Karmin undertakes no obligation to comment on the expectations of, or statements made by, third parties in respect of the matters discussed above. The TSX-V has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release.

SOURCE Karmin Exploration Inc.

For further information:

David Brace
Chief Executive Officer
Email: davidbrace@karmin.com
Tel: (416) 276-6169
or     John Iannozzi
Chief Financial Officer
Email: johni@karmin.com
Tel: (519) 337-5302

Profil de l'entreprise

Karmin Exploration Inc.

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