Jan. 7, 2011 (Canada NewsWire Group) --
/NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE U.S./
CALGARY, Jan. 7 /CNW/ - Sahara Energy Ltd. (TSXV: SAH) ("Sahara" or the "Company") today announced that it will be seeking regulatory approval for the issuance of 967,029 common shares ("Common Shares") in the capital of Sahara in full satisfaction of certain debts, including applicable interest, aggregating $105,164.38 held by King World International Holdings Limited. The Common Shares to be issued as consideration for cancelling the debt will be issued at a deemed value per Common Share of $0.10875, being the discounted market price as determined by the closing price of the Common Shares on the TSX Venture Exchange ("TSXV") on January 6, 2011, the day before this announcement.
Final approval of the issuance of Common Shares is subject to regulatory
approval, including the approval of the TSXV.
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.
Peter J. Boswell
Chief Executive Officer
Sahara Energy Ltd.
Telephone: (403) 232-1359
Fax: (403) 232-1307
E-mail: pete@saharaenergy.ca