Sahara Energy Ltd. (TSX VENTURE:SAH) ("Sahara") announces that it has closed its
previously-announced financing for gross proceeds of $350,000 by issuing common
shares at $0.07 per share. The shares issued under the private placement are
subject to a hold period under applicable securities laws of 4 months which will
expire on June 11, 2012.


The proceeds of the financing are expected to be used for drilling and for the
acquisition of lands.


Sahara is also pleased to announce the appointment of Kingston Kwek of Singapore
as a director of Sahara. Mr. Kwek has been a private investor in the equity and
debt markets for over 10 years turned venture capitalist, and has worked for a
number of government-linked organizations, NGOs, and for-profit corporations. He
has experience in investment management, primarily in Asian markets. He holds a
BS degree in business, concentrating in finance, from the Wharton School at
UPenn, and an MA degree from Columbia University. 


Also effective today, Mr. Yuedong Zhou has resigned as a director. Sahara thanks
Mr. Zhou for his contributions to Sahara.


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.


Sahara Energy (TSXV:SAH)
Historical Stock Chart
From Jun 2024 to Jul 2024 Click Here for more Sahara Energy Charts.
Sahara Energy (TSXV:SAH)
Historical Stock Chart
From Jul 2023 to Jul 2024 Click Here for more Sahara Energy Charts.