CALGARY, ALBERTA--(Marketwired - June 27, 2013) - Sahara Energy Ltd. (TSX VENTURE:SAH) ("Sahara") announces that it intends to raise up to C$11.4 million by the issuance of common shares at a price of C$0.12 per share, and on such other terms as are to be negotiated, to Aozhong Jiye Investment Holdings Limited. The proceeds of the financing are expected to be used for the acquisition of lands and for exploration and development drilling, as well as for working capital.
Sahara has received a non-refundable deposit of C$600,000 from the investor, pending completion of due diligence. At a minimum, 5,000,000 common shares are expected to be issued at C$0.12 per share to the investor.
Closing of the financing is expected to occur on or before August 30, 2013, subject to all required regulatory, director and, if required, shareholder approvals.
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.