Sahara Energy Ltd. Announces Issuance of Common Shares for Debt

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[{"type":"text","content":"\n\n\n\n Jan. 7, 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, Jan. 7 /CNW/ - Sahara Energy Ltd. (TSXV: SAH) ("Sahara" or the "Company") today announced that it will be seeking regulatory approval for the\n issuance of 967,029 common shares ("Common Shares") in the capital of Sahara in full satisfaction of certain debts,\n including applicable interest, aggregating $105,164.38 held by King\n World International Holdings Limited. The Common Shares to be issued as\n consideration for cancelling the debt will be issued at a deemed value\n per Common Share of $0.10875, being the discounted market price as\n determined by the closing price of the Common Shares on the TSX Venture\n Exchange ("TSXV") on January 6, 2011, the day before this announcement.\n\n\n\nFinal approval of the issuance of Common Shares is subject to regulatory\n approval, including the approval of the TSXV.\n\nNeither TSX Venture Exchange nor its Regulation Services Provider (as\n that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this\n release.\n\n\n\n\nPeter J. Boswell Chief Executive Officer Sahara Energy Ltd. Telephone: (403) 232-1359 Fax: (403) 232-1307 E-mail: [email protected]\n\n","length":2485,"tagName":"div"}]

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