Sahara Energy Ltd.

Sahara Energy Ltd.

November 01, 2013 08:00 ET

Sahara Energy Ltd. Announces Update on Proposed Private Placement

CALGARY, ALBERTA--(Marketwired - Nov. 1, 2013) - Sahara Energy Ltd. (TSX VENTURE:SAH) (Sahara) announces that the previously-announced C$600,000 private placement with Aozhong Jiye Investment Holdings Limited (Aozhong) is expected to close on or before November 29, 2013, subject to regulatory approvals. The funds were received by Sahara as a non-refundable deposit on a larger investment and the parties have agreed that 5 million common shares of Sahara will be issued at the price of C$0.12. With respect to an additional investment by Aozhong into Sahara, discussions between the parties are ongoing but are not expected to be concluded before March of 2014. The gross proceeds of C$600,000 will be used as working capital for Sahara.

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