Business & Finance
Business and Finance
Business and Finance
Mon, March 19, 2012
Sun, March 18, 2012
Sat, March 17, 2012
Fri, March 16, 2012 Sahara Energy Ltd. Announces Completion of Increased Financing
March 16, 2012 18:55 ET
Sahara Energy Ltd. Announces Completion of Increased Financing
CALGARY, ALBERTA--(Marketwire - March 16, 2012) -Sahara Energy Ltd. (TSX VENTURE:SAH) ("Sahara") announces that it has closed the second tranche of its previously-announced financing. An additional 7 million common shares were issued to Mr. Kingston Kwek of Singapore on March 16, 2012 at $0.07 per share. The shares issued today are subject to a hold period under applicable securities laws of 4 months which will expire on July 17, 2012.
The total gross proceeds of the increased financing is $840,000. Mr. Kwek has now acquired an aggregate of 12 million common shares, representing 13.4% of the issued and outstanding common shares of Sahara, for investment purposes. As previously announced, Mr. Kwek has also become a director of Sahara.
The proceeds of the financing are expected to be used for drilling and for the acquisition of lands.
Forward Looking Information: This news release contains forward looking statements related to the proposed use of the proceeds of the financing. These statements are based on current expectations that involve a number of risks and uncertainties which could cause actual results to differ from those anticipated.
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.
