Saccharum Energy Corp. Announces Closing of Private Placement

Saccharum Energy Corp. Announces Closing of Private Placement

Calgary, Alberta CANADA, May 29, 2013 /FSC/ - Saccharum Energy Corp. (SHM - TSX Venture), ("Saccharum" or the "Corporation") announced today that, further to its news release of April 3, 2013, it has closed a non-brokered private placement ("Private Placement") of 666,666 Common Shares ("Shares") at a price of $0.15 per Share for gross proceeds of $99,999.90.  In its release of April 3, the Corporation announced that it intended to complete a non-brokered private placement of up to 6,666,667 listed common shares on a "flow through" basis at $0.15 per share to raise up to $1,000,000.  It was anticipated that these shares would be acquired primarily by directors, officers and strategic stakeholders associated with Oil Reserve Inc. In the interim, the Corporation was unable to complete the full amount of the anticipated financing and, moreover, in order to complete a portion thereof, was forced to amend the terms of the private placement such that the securities to be purchased by subscribers were common treasury shares with no flow-through component attached.  All funds raised from the Offering will now be applied to working capital. No finder's fees will be payable as a consequence of closing this transaction, and securities issued pursuant to the Offering will be subject to a four month hold period.  

For further information, please contact:
Saccharum Energy Corp.

Johannes Kingma
President and Chief Executive Officer
Telephone: (403) 612-5655

Neither the 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.

To view this press release as a PDF, please click on the following link:
http://www.usetdas.com/pr/saccharum05292013.pdf



Source:  Saccharum Energy Corp. (TSX-V)
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