Sahara Energy’s 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.
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.