First Sahara Energy Inc.

CNSX : FSE


First Sahara Energy Inc.

December 10, 2013 16:10 ET

First Sahara Energy Announces Private Placement Financing

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.

FORWARD-LOOKING STATEMENTS

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.

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