Ms. Fiona Wang reports

SAHARA ENERGY LTD. ANNOUNCES COMPLETION OF INVESTMENTS IN CONNECTION WITH CHANGE OF BUSINESS

Further to the press releases dated Jan. 25, 2021, Feb. 23, 2021, Aug. 26, 2021, and Aug. 30, 2021, Sahara Energy Ltd. has closed its change of business (as such term is defined in TSX Venture Exchange Policy 5.2) transactions.

In particular, effective Aug. 31, 2021, the company through its wholly owned subsidiary, GC Capital Holdings Inc., completed its previously announced transaction with DMG Investments LLC, whereby the company has made an investment of $3-million (U.S.) in exchange for a preferred equity ownership position of approximately 21.85 per cent in a student housing development project in Amherst, N.Y., and an investment of $2-million (U.S.) in exchange for a preferred equity ownership position of approximately 15.56 per cent in a multifamily mixed commercial housing development in Albany, N.Y.

Full details respecting these transactions, as well as certain of the company's future business goals and plans, are set out in Sahara's amended filing statement dated Aug. 27, 2021, which was filed under the company's profile on SEDAR on Aug. 30, 2021. Sahara shareholders and other interested parties are urged to review the amended filing statement and the information contained therein in full for further information respecting the change of business.

Trading in the common shares of the company will resume following the company's receipt of its final listing approval from the exchange. Upon resumption of trading, the company will be listed on the exchange as a Tier 2 investment issuer. The company's name and ticker symbol SAH will remain the same.