Simba Energy Closes Private Placement for Gross Proceeds of $4.242 Million
Simba Energy Inc. (the 'Company') (TSX Venture: SMB) (Frankfurt: GDA) (OTCQX: SMBZF) is pleased to announce that it has closed its non-brokered private placement (the 'Private Placement') raising gross proceeds of $4,242,900.
Pursuant to the Private Placement, 53,036,250 units (the 'Units') were issued at $0.08 per Unit. Each Unit consists of one common share of the Company and one common share purchase warrant (a 'Warrant'). Each Warrant is exercisable into one common share of the Company for a period of 24 months from closing at an exercise price of $0.16 per share.
The proceeds of the Private Placement will be used for advancing all outstanding Production Sharing Contracts (PSC) and for general working capital.
In connection with the Private Placement the Company issued to certain finders 1,209,000 warrants, each warrant is exercisable into one common share of the Company for a period of 24 months from closing at an exercise price of $0.16 per share. The securities issued with respect to the Private Placement are subject to a four month hold period in accordance with applicable Canadian securities laws.
About Simba Energy Inc.
Simba Energy is a Vancouver, B.C. based oil and gas exploration company focusing on underexplored overlooked basins in its pursuit of hydrocarbon opportunities in Africa (currently Kenya, Liberia, Mali, Guinea and Ghana). These regions have shown increased promise for the development of new hydrocarbon deposits. The Company's senior management team aims to leverage its expertise and affiliations to pursue, secure and develop strategic assets that demonstrate high potential for drilling and or production operations; and to do so in a manner of best practices and to the betterment of those communities where it operates.
ON BEHALF OF THE BOARD
Robert Dinning, President & CEO
We seek safe harbour