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Saha Petroleum Files Preliminary Short Form Prospectus
Saha Petroleum Files Preliminary Short Form Prospectus
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[{"type":"text","content":"Saha Petroleum Files Preliminary Short Form Prospectus\n\n\n\nSaha Petroleum Files Preliminary Short Form Prospectus\n\nNot for distribution in the United States or to U.S. newswire services\n\nCalgary, Alberta CANADA, May 27, 2008 /FSC/ - Saha Petroleum Ltd. (SPX - TSX Venture), (formerly Mises Capital Corporation) (\"Saha\" or the \"Corporation\")is pleased to announce that it has filed a preliminary short form prospectus in respect of a public offering (the \"Offering\") of up to 12,000,000 units at a price of $0.20 per unit (the \"Units\") and up to 4,400,000 common shares at a price of $0.25 per common share (the \"Common Shares\") such shares to be issued on a \"flow-through\" basis under the Income Tax Act (Canada) (the \"Flow-Through Shares\") (collectively, the \"Securities\"). Each Unit consists of one Common Share and one Common Share purchase warrant (a \"Warrant\"), each whole warrant entitling the holder to purchase one Common Share at any time following the date of the closing of the Offering (the \"Closing Date\") at a price of $0.25 per Common Share until 4:30 p.m. (Calgary time) on the date that is 12 months after the Closing Date, and thereafter at a price of $0.30 per Common Share until 4:30 p.m. (Calgary time) on the date that is 24 months after the Closing Date. The Units will separate into Common Shares and Warrants immediately upon issue. The Warrants will not be listed for trading.\n \nThe Offering will be led by Union Securities Ltd. (the \"Agent\") on a \"best efforts\" basis for a minimum of $1,500,000 and a maximum of $3,500,000 in gross proceeds. The Corporation has agreed to pay to the Agent a fee of $25,000 (plus GST) as well as a cash commission equal to 8% of the gross proceeds of the Offering. The Corporation has also agreed to grant to the Agent that number of options (the \"Agent's Options\") equal to 10% of the number of Securities sold under the Offering. Each Agent's Option will entitle the holder to acquire one Common Share at the price of $0.20 per Common Share at any time until that date which is 24 months after the Closing Date.\n\nThe net proceeds of the Offering will be primarily used by the Corporation (i) to reduce indebtedness of $2,575,000 that the Corporation assumed in connection with the acquisition o...