|By Marketwired .||
|June 24, 2014 05:30 PM EDT||
VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 06/24/14 -- First Sahara Energy Inc. ("Company") (CSE: FSE) is pleased to announce that Maxim Resources Inc. ("Maxim") has successfully acquired the full interest in the Company's rights to a reconnaissance contract on the Beni Znassen Block in the Kingdom of Morocco.
According to a press release dated June 23, 2014, (see www.sedar.com) Maxim reported that it has officially signed a reconnaissance contract for the Hassi Berkane block (formerly Beni Znassen block) in the kingdom of Morocco.
As a result, First Sahara will receive a total of 2,000,000 common shares of Maxim subject to a four-month hold period, which the Company currently intends to retain for investment purposes. There is a finder's fee payable by the Company on this transaction of $30,000, which will consist of $10,000 in cash and the balance by the issuance of 400,000 common shares at $0.05 per share. The shares issued will be subject to a four month hold period.
David Lane, First Sahara's President and CEO stated, "We are excited that Maxim has secured the highly prospective Hassi Berkane block. Morocco is an upcoming region for both onshore and offshore oil and gas discoveries, as our preliminary work on this project confirmed. We are pleased to be an investor at this early stage."
FORWARD LOOKING STATEMENTS
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