Business
Sahara Energy Ltd. Announces Completion of Bankruptcy Proposal, Issuance of Common Shares for Debt and Provides Operational Update
Mar. 22, 2011 (Canada NewsWire Group) -- /NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR ...
About this update from Capitan Investment Ltd.
[{"type":"text","content":"\n\n\n Mar. 22, 2011 (Canada NewsWire Group) -- \n\n#ReleaseContent TABLE\n{\n BORDER-COLLAPSE: collapse\n}\nTR.cnwUnderlinedCell TD\n{\n BORDER-BOTTOM: #000000 1px solid\n}\nTR.cnwDoubleUnderlinedCell TD\n{\n BORDER-BOTTOM: #000000 3px double\n}\nTR.cnwBoldUnderlinedCell TD\n{\n BORDER-BOTTOM: #000000 3px solid\n}\nTD.cnwUnderlinedCell\n{\n BORDER-BOTTOM: #000000 1px solid\n}\nTD.cnwDoubleUnderlinedCell\n{\n BORDER-BOTTOM: #000000 3px double\n}\nTD.cnwBoldUnderlinedCell\n{\n BORDER-BOTTOM: #000000 3px solid\n}\n#ReleaseContent TABLE.cnwBorderedTable TD\n{\n BORDER-RIGHT: black 1px solid;\n PADDING-RIGHT: 2px;\n BORDER-TOP: black 1px solid;\n PADDING-LEFT: 2px;\n PADDING-BOTTOM: 2px;\n BORDER-LEFT: black 1px solid;\n PADDING-TOP: 2px;\n BORDER-BOTTOM: black 1px solid;\n BORDER-COLLAPSE: collapse\n}\n#ReleaseContent TABLE TD\n{\n PADDING-RIGHT: 2px;\n PADDING-LEFT: 2px;\n PADDING-BOTTOM: 2px;\n PADDING-TOP: 2px\n}\n\n\n/NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN\n THE U.S./\n\n\nCALGARY, March 22 /CNW/ - Sahara Energy Ltd. (TSXV: SAH) ("Sahara" or the "Company") today announced the completion of payments pursuant to the bankruptcy\n proposal approved by creditors of the Company on June 22, 2010 (the "Proposal"). In connection with the Proposal, the Company made cash payments\n totalling $580,845.56 and issued 7,424,152 common shares (the "Common Shares") in the capital of the Company to satisfy claims of its secured and\n unsecured creditors in accordance wit the terms of the Proposal.\n\n\nSahara has also completed its previously announced issuance of 967,029\n Common Shares in full satisfaction of certain debts, including\n applicable interest, aggregating $105,164.38 (the "Shares for Debt Transaction"). The Common Shares issued as consideration for cancelling the debt were\n issued at a deemed price per Common Share of $0.10875, being the\n discounted market price as determined by the closing price of the\n Common Shares on the TSX Venture Exchange ("TSXV") on January 6, 2011, the day before the initial announcement of the\n Common Share issuance by Sahara.\n\n\nFollowing issuance of the Common Shares pursuant to the Proposal and the\n Shares for Debt Transaction, Sahara will have 72,730,568 Common Shares\n issued and outstanding.\n\n\nOpe...