Deal funds work program on the Beni Znassen Block, 3D seismic program
By Devika Patel
Knoxville, Tenn., Dec. 10 - First Sahara Energy Inc. said it plans a C$2 million non-brokered private placement of units.
The company will sell 20 million units of one common share and one warrant at C$0.05 per unit and 14,286,000 flow-through common shares at C$0.07 apiece.
Each whole warrant is exercisable at C$0.07 for two years. The strike price is a 16.67% premium to the Dec. 9 closing share price of C$0.06. The price per flow-through share is also a 16.67% premium to that price.
Settlement is expected Dec. 31.
Proceeds will be used for a work program on the Beni Znassen Block in Morocco, to conduct a 3D seismic program and drill at least one well on the Dover East prospect in Ontario and for general working capital.
The oil and gas is based in Vancouver, B.C.
| Issuer: | First Sahara Energy Inc.
|
| Issue: | Units of one common share and one warrant, flow-through common shares
|
| Amount: | C$2 million
|
| Agent: | Non-brokered
|
| Pricing date: | Dec. 10
|
| Settlement date: | Dec. 31
|
| Stock symbol: | CNSX: FSE
|
| Stock price: | C$0.06 at close Dec. 9
|
|
|
| Units
|
| Amount: | C$1 million
|
| Units: | 20 million
|
| Price: | C$0.05
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.07
|
|
|
| Flow-through shares
|
| Amount: | C$1 million
|
| Shares: | 14,286,000
|
| Price: | C$0.07
|
| Warrants: | No
|
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