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Sahara Energy Ltd. announces closing of private placement

Thursday, 21 Aug 2014 03:55pm EDT 

Sahara Energy Ltd:Announces that it has closed the previously announced private placements with JF Investment (Hong Kong) Co., Limited (JF Investment) for the purchase by JF Investment of common shares in the capital of Sahara, for aggregate proceeds of $16.2 million.Five million sahara shares were acquired at $0.12 per share and 195 million sahara shares were acquired at $0.08 per share.Upon closing of the two transactions, JF Investment holds 69pct of Sahara's outstanding shares.Intends to use the net proceeds of the private placements to drill 11 new wells and to complete 9 re-perforation wells on lands currently held by Sahara, for general operations and to maintain cash flow. 

Company Quote

30 Jun 2015