Karoo closes $350,000 financing

VANCOUVER, Oct. 8, 2013 /CNW/ - Karoo Exploration Corp. (the "Company") (TSX-V: KE.V) is pleased to announce that, further to its previous announcement on September 20, 2013, the Company has closed its private placement for gross proceeds of $339,280, and has issued 4,241,000 units of the Company at a price of $0.08 per unit.  Each unit consists of one common share of the Company and one half of one common share purchase warrant, with each whole warrant entitling the holder to purchase one additional common share of the Company at a price of $0.15 per warrant share for a period of twenty-four (24) months.

In connection with the offering, the Company has paid finder's fees of $17,129.60 and has issued 214,120 finder's warrants to finders that introduced subscribers to the Company.  The finder's warrants have the same terms as the warrants forming part of the units.

All securities issued in connection with the Offering will be subject to a four month and a day hold period expiring on February 9, 2014.

The proceeds of the Offering will be used for the Company's general working capital purposes.

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

Statements included in this announcement, including statements concerning our plans, intentions and expectations, which are not historical in nature are intended to be, and are hereby identified as, "forward-looking statements".  Forward-looking statements may be identified by words including "anticipates", "believes", "intends", "estimates", "expects" and similar expressions.  The Company cautions readers that forward-looking statements, including without limitation those relating to the Company's future operations and business prospects, are subject to certain risks and uncertainties that could cause actual results to differ materially from those indicated in the forward-looking statements.

SOURCE Karoo Exploration Corp.