CALGARY, ALBERTA--(Marketwire - March 13, 2012) - Sahara Energy Ltd. (TSX VENTURE:SAH) ("Sahara") announces that it has increased the size of its financing. Further to the press release issued February 10, 2012, announcing the completion of the issuance of 5 million common shares for aggregate proceeds of $350,000, Sahara announces that it has increased the financing to $840,000. Sahara intends to raise the additional $490,000 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.
The second tranche of the financing is expected to close on March 16, 2012, subject to regulatory approvals.
Sahara also announces that options to acquire an aggregate of 1,400,000 common shares have been granted to the recently-appointed directors, Doug Wine and Kingston Kwek, at an exercise price of $0.15 per share.
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.
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.
Contact Information:
Martin Feng
President and CEO
(403) 237-5411
martin@saharaenergy.ca
Sahara Energy Ltd.
Gary Chang
Chief Financial Officer
(604) 569-3979
gary@saharaenergy.ca