Vancouver, BC, Canada -- Simba Energy Inc. (TSX.V:SMB) is pleased to announce that further to its news releases of September 13 and October 5, 2010, it has now closed its private placement. The Company issued a total of 12,112,500 units at $0.08 per unit for total gross proceeds of $969,000. Each unit consists of one common share and one transferable share purchase warrant, each warrant exercisable into one additional common share until October 18, 2011, a price of $0.16 per share.
The Company paid a total of $14,880 in cash for finder’s fees in respect of the placement.
All securities issued under the placement are subject to hold periods expiring on February 19, 2011.
Proceeds of the placement will be used for general working capital.
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
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