CALGARY, ALBERTA–(Marketwired – Aug. 12, 2014) – Sahara Energy Ltd. (TSX VENTURE:SAH) (Sahara) announces that shareholders have elected a new board of directors of Sahara including the directors nominated by JF Investment (Hong Kong) Co., Limited (JF Investment) at the annual general meeting of shareholders held today.
The new board consists of Martin Feng, Qingshou Gao, Tao Gao, Liqun Hao, Yachao Peng and Panwen Gao, all of whom were nominated by JF Investment (the JF Investment Nominees), Gary Chang, Fan (Rose) Gong and Kingston Kwek. The JF Investment Nominees were nominated in connection with the private placements to JF Investment (the Private Placements) and were previously announced in a press release dated May 14, 2014. Sahara anticipates that the Private Placements will close on or before August 26, 2014. In the event that the Private Placements are not completed by August 26, 2014, the JF Investment Nominees have undertaken to resign from the board of directors of Sahara.
Forward Looking Information: This news release contains forward looking statements related to the anticipated closing date of the Private Placements. These statements are based on current expectations that involve a number of risks and uncertainties which could cause actual results to differ from those anticipated.
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.
Martin Feng, President and CEO
Sahara Energy Ltd.
Gary Chang, Chief Financial Officer