Vancouver, B.C., Canada -- Simba Energy Inc. (TSXV: SMB) (Frankfurt: GDA) (the “Company”) is pleased to announce it has arranged, subject to the approval of the TSX Venture Exchange, a private placement of up to 8,125,000 units at $0.08 per unit for a total gross proceeds of up to $650,000. Each unit consists of one common share and one transferable share purchase warrant, each warrant exercisable into one additional common share for one year from the date of issue at a price of $0.16 per share. After all statutory hold periods on the securities expire, if the common shares of the Company trade on the TSX Venture Exchange at a price of $0.20 or more for 10 consecutive trading days at any time (the “Acceleration Event”), then the warrants will expire on the earlier of the expiry date and 4:30 p.m. (Vancouver time) on the date which is 30 calendar days after the Company provides notice to the warrant holders the Acceleration Event.
The proceeds of the private placement will be used for general working capital.
Finder’s fees may be payable in whole or part on the private placement in accordance with the policies of the TSX Venture Exchange
“Simba Energy is encouraged by our recent progress and will use the proceeds from this private placement to enhance shareholder value and continue to move forward.” said Simba CEO and President Robert Dinning. “The Company will continue to exploit our substantial high-quality relationships in our targeted areas of operation and we look forward to building Simba into a regional presence.”
About Simba Energy Inc.
Simba Energy, Inc. (TSXV: SMB) (Frankfurt: GDA) is an oil and gas exploration company focused on hydrocarbon opportunities in Africa. Simba Energy has already secured a Hydrocarbon Reconnaissance Permit in Liberia which extends over an area of 1,366 sq. kms and covers the entire onshore extent of the Robert-Bassa Basin.
The Company’s shares are listed on the TSX Venture Exchange under the symbol SMB as well as the Frankfurt Stock Exchange under the symbol GDA.
On Behalf of the Board,
“Robert Dinning”, President and CEO
For further information, contact Robert Dinning, President and CEO of the Company at:
Telephone: (604) 641-4450
Facsimile: (604) 669-9335
“Neither 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."
1130 - 789 West Pender Street, Vancouver BC V6H 1H2 Canada
Telephone +1 604 641 4450
Fax +1 604 669 9335
Toll Free +1 866 669 9377