Kanosak Files its Filing Statement

MONTREAL, Aug. 30, 2012 /CNW Telbec/ - Kanosak Venture Capital Corporation (TSXVENTURE:KKV.P) (the "Corporation" or "Kanosak"), a capital pool company, is pleased to announce that it has filed its filing statement dated August 27, 2012 on SEDAR, in connection with 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 "Acquisition"). The Acquisition was previously announced on March 20, 2012.

As consideration for the Acquisition, the Corporation will issue 500,000 common shares to the Vendor at a deemed price of $0.30 per share, pay $60,000 in cash consideration to the Vendor and grant the Vendor a 1% Net Smelter Royalty. Kanosak will also complete a concurrent brokered private placement by the issuance of a minimum of 2,500,000 common shares and a maximum of 3,000,000 common shares at a price per share of $0.30 for minimum gross proceeds of $750,000 and maximum gross proceeds of $900,000 (the "Private Placement").

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. The Acquisition is expected to close in September 2012, and is subject to the fulfillment of conditions required by the Exchange.

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 and the funds to be raised in connection with the Private Placement. 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 the following: (i) the qualifying transaction will obtain all required regulatory approvals and (ii) Kanosak will secure the funds necessary to complete the Private Placement. Factors that could cause actual results to differ materially from expectations include (i) the inability of the Vendor and Kanosak to obtain the necessary approvals for the qualifying transaction, (ii) an inability or unwillingness of the Vendor or Kanosak to complete the qualifying transaction for whatever reason, (iii) an inability to secure subscribers or obtain funds under the Private Placement and (iv) generally, an inability of Kanosak to develop and implement a successful business plan 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

Kanosak Venture Capital Corporation 
François Ruel
President, Chief Executive Officer and Director
[phone]
[phone] (fax)

Amseco Exploration Ltd.
Jean Desmarais
President, Chief Executive Officer and Director
[phone]
[phone] (fax)