TORONTO, ONTARIO -- (Marketwired) -- 07/02/13 -- PetroWorth Resources Inc. (CNSX: PTW) ("PetroWorth" or the "Corporation") is pleased to announce that it has amended its articles of incorporation to change its name to First Sahara Energy Inc. ("First Sahara") and to consolidate its common shares on a ten-for-one basis. First Sahara also adopted a new general by-law, as described in the information circular filed under PetroWorth's SEDAR profile on June 4, 2013. Holders of Common Shares of PetroWorth ("Shareholders") approved the amendments to its articles and by-laws at a meeting of Shareholders held on June 24, 2013.
First Sahara is expected to commence trading under the symbol "FSE" on the Canadian National Stock Exchange once all documentary formalities have been completed.
First Sahara is also pleased to announce the closing of the previously announced claim purchase agreement dated May 24, 2013 (the "Purchase Agreement") between PetroWorth (now First Sahara) and Giant Exploration Inc. ("Giant") pursuant to which First Sahara has purchased from Giant 695 mineral claims located in the Province of Quebec, representing all or substantially all of the assets of Giant, in exchange for the issuance of 3,236,095 post- consolidation common shares in the capital of First Sahara and the assumption by First Sahara of all of Giant's current debt and other liabilities.
In addition, 1,016,500 shares of First Sahara have been issued to officers, directors, employees and consultants to First Sahara (formerly PetroWorth) to settle severance and debt obligations for services and expenses.
In connection with the Purchase Agreement, David Stadnyk, a director of Giant, has been appointed President and Chief Executive Officer of First Sahara, and Michael Hopkinson, Chief Financial Officer of Giant, has been appointed Chief Financial Officer of First Sahara. George Tsafalas, David Stadnyk and Marc Eckardt have joined the board of directors of First Sahara and are also directors of Giant. The board of directors of First Sahara is now composed of Neal Mednick and Messrs. Tsafalas, Stadnyk and Eckardt.
First Sahara is a junior oil and gas exploration company with properties in Alberta and eastern Canada. As a result of the Purchase Agreement, First Sahara also owns mining exploration properties located in the Abitibi Greenstone Belt in Quebec, Canada.
With the closing of the Purchase Agreement, Giant intends to voluntarily liquidate and dissolve pursuant to the procedures in the Business Corporations Act (Alberta).
David Stadnyk, President and CEO
First Sahara Energy Inc.
CAUTION REGARDING FORWARD-LOOKING STATEMENTS
Certain statements contained herein constitute forward-looking statements. The use of any of the words "anticipate", "continue", "estimate", "expect", "may", "will", "project", "should", "believe", and similar expressions are intended to identify forward-looking statements. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. Giant and First Sahara believe the expectations reflected in those forward-looking statements are reasonable but no assurance can be given that these expectations will prove to be correct and such forward-looking statements included in this report should not be unduly relied upon. Neither Giant nor First Sahara undertakes any obligation to publicly update or revise any forward-looking statements, except as required by applicable laws.
PetroWorth Resources Inc.
President and CEO
Most Popular Stories
- Apple, HP, Intel May Take a Hit from Slowdown in Smartphone Sales Growth
- FDIC Files Lawsuit on Behalf of Banks Allegedly Hurt by Libor Scandal
- Some California Cities Seeking Water Independence
- Motley Crue's Nikki Sixx Marries Model Courtney Bingham
- Jack Daniel's Resists Changes to Tenn. Whiskey Law
- Chinese e-Commerce Giant Alibaba Gears for IPO in U.S.
- Crimea Seeks Financial Integration With Russia
- E.U. Puts Sanctions on Russia, Ukraine Officials
- Will Missing Malaysian Jet Prompt Aviation System Change?
- Chile Shaken by Major Aftershock