Karmin Exploration Inc. (TSXV:KAR) announced a non-brokered private placement of up to 15,200,000 units at a price of CAD 0.25 per unit for gross proceeds of CAD 3,800,000 on January 12, 2017. Each unit consists of one common share and one-half of one common share purchase warrant. Each warrant will be exercisable to acquire one common share at a price of CAD 0.35 per share for a period of three years from closing of the transaction. All securities will be subject to a four-month hold from the date of issuance. The transaction is expected to close on or about January 30, 2017, subject to the receipt of applicable regulatory approvals, including the approval of the TSX Venture Exchange. The transaction may involve participation from Karr Securities Inc. for 8,958,801 units, and Alberto Aurelio Arias Dávila for 6,241,199 units.