Sahara Energy Ltd. Announces Proposed Financing and Changes in Directors
09 February 2012 - 8:50AM
Marketwired Canada
Sahara Energy Ltd. (TSX VENTURE:SAH) ("Sahara") announces that it intends to
raise $350,000 by issuing common shares at $0.07 per share to Mr. Kingston Kwek.
The proceeds of the financing are expected to be used for drilling and for the
acquisition of lands.
Closing of the financing is expected to occur on February 10, 2012, subject to
regulatory approvals. In conjunction with the financing, it is expected that Mr.
Kwek will be appointed to the board of directors of Sahara.
Sahara is also pleased to announce the appointment of Douglas Wine as a director
and Chairman of the board of directors effective immediately. Mr. Wine is a
professional geologist with extensive experience in the oil and gas business in
Alberta.
Forward Looking Information: This news release contains forward looking
statements related to the proposed 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.
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