|By Marketwired .||
|May 22, 2014 06:00 PM EDT||
VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 05/22/14 -- Kariana Resources Inc. (CSE: KAA) ("Kariana" or the "Company") is pleased to announce that further to its press release of April 11, 2014 it has completed a non-brokered private placement (the "Offering") of $250,000 aggregate principal amount of unsecured convertible debentures (the "Debentures"). The Debentures will bear nil interest, mature on November 22, 2015 (the "Maturity Date") and are convertible, at the election of the holder, at any time between November 22, 2014 and the Maturity Date. Each Debenture is convertible into units of the company (the "Units") at a price of $0.05 per Unit.
Each Unit consists of one common share of the Company (the "Shares") and one common share purchase warrant (the "Warrants"). Each Warrant entitles the holder thereof to acquire an additional Share at a price of $0.10 until May 22, 2017 (subject to certain acceleration provisions).
In connection with the Offering, the Company paid a finder's fee of 400,000 Shares and 400,000 finders' warrants (the "Finders' Warrants") to two arms length parties. The Finders' Warrant are non-transferable and entitle the holder thereof to acquire a Share of the Company at a price of $0.10 per Share until May 22, 2017.
All securities issued in connection with the Offering are subject to a hold period expiring on September 23, 2014 in accordance with applicable securities legislation. The net proceeds of the Offering will be used for the Company's working capital purposes and to maintain the Company's existing operations and activities.
On behalf of the board of directors of Kariana Resources Inc.
David Velisek, CEO & Director
The CSE has neither approved nor disapproved the information contained herein and does not accept responsibility for the adequacy or accuracy of this release.
Kariana Resources Inc.