VANCOUVER, BRITISH COLUMBIA--(Marketwired - Dec. 10, 2013) - First Sahara Energy Inc. (CNSX:FSE) announced today that it is conducting a non-brokered private placement financing to raise up to $2,000,000. The financing will be raised through a combination of the following offerings:
- Up to 20 million Units @ $0.05 per unit. Each Unit consists of one common share and one common share purchase warrant. Each warrant is exercisable for two years from closing at an exercise price of $0.07 per common share.
- Up to 14,286,000 flow through shares at $0.07 per share.
A commission of 10% may be paid to registrants with respect to all or a portion of the financing, which is expected to close on or about December 31, 2013.
The proceeds from the financing will be used to carry out a work program on the Beni Znassen Block in Morocco (see FSE's December 5 news release), to conduct a 3D seismic program and drill at least one well on the Dover East prospect in southwestern Ontario (see FSE's December 10 news release) and for general working capital.
Certain statements contained herein constitute forward-looking statements. The use of any of the words "anticipate", "continue", "estimate", "expect", "may", "will", "project", "should", "believe", and similar expressions are intended to identify forward-looking statements. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. The Corporation believes the expectations reflected in those forward-looking statements are reasonable but no assurance can be given that these expectations will prove to be correct and such forward-looking statements included in this report should not be unduly relied upon. The Corporation does not undertake any obligation to publicly update or revise any forward-looking statements.