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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Mirage Energy Ltd Com Npv | TSXV:MGE | TSX Venture | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
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0.00 | 0.00% | 0 | - |
NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES. ANY FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF U.S. SECURITIES LAWS. Sahara Energy Ltd. (TSX VENTURE:SAH) (PINK SHEETS:SAHRF) ("Sahara") and Mirage Energy Ltd. (TSX VENTURE:MGE) (PINK SHEETS:MRGYF) ("Mirage"), are pleased to announce that they have completed a previously announced plan of arrangement (the "Arrangement") pursuant to the provisions of the Business Corporations Act (Alberta) to merge the two companies into a single larger entity. The Arrangement is expected to result in Sahara having improved cash flow through significant operating synergies and general and administrative savings. It is also expected that as a result of the Arrangement Sahara will have improved access to capital and a larger production and reserve base to enable future growth. Under the terms of the Arrangement, Sahara acquired all of the issued and outstanding common shares of Mirage (the "Mirage Shares") in exchange for the common shares of Sahara (the "Sahara Shares") such that each shareholder of Mirage received 0.5 of a Sahara Share for each Mirage Share held as of the effective date of the Arrangement. Upon completion of the Arrangement, Mirage became a wholly-owned subsidiary of Sahara. In addition, Sahara assumed Mirage's obligations pursuant to outstanding convertible debentures of Mirage such that the debentures are now convertible into securities of Sahara. A special meeting of shareholders of Mirage was held March 28, 2008 where such shareholders approved the Arrangement. Following the meeting, the Arrangement was also approved by the Alberta Court of Queen's Bench. Certain information set forth in this press release, including managements' assessment of the future plans and operations of Sahara and Mirage and the benefits of the proposed transaction, contains forward looking statements. By their nature, forward-looking statements are subject to numerous risks and uncertainties, some of which are beyond the control of Sahara and Mirage, including the impact of general economic conditions, industry conditions, volatility of commodity prices, currency fluctuations, imprecision of reserve estimates, environmental risks, competition from other industry participants, the lack of availability of qualified personnel or management, stock market volatility and ability to access sufficient capital from internal and external sources. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward looking statements. The actual results, performance or achievement of Sahara, Mirage or the combined entity could differ materially from those expressed in, or implied by, these forward-looking statements and, accordingly, no assurance can be given that any of the events anticipated by the forward looking statements will transpire or occur, or if any of them do so, what benefits that Sahara and Mirage will derive therefrom. Sahara and Mirage disclaim any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
1 Year Mirage Energy Ltd Com Npv Chart |
1 Month Mirage Energy Ltd Com Npv Chart |
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