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
Neither TSX Venture Exchange nor its Regulation Service Provider (as
that term is defined in policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this release.
This release includes certain statements that may be deemed to be
'forward-looking statements?. All statements in this release, other than
statements of historical facts, that address events or developments that
the Company expects to occur, are forward looking statements, including
statements about the use of proceeds from the Private Placement. Forward
looking statements are statements that are not historical facts and are
generally, but not always, identified by the words 'expects?, 'plans?,
'could? or 'should? occur. Although the Company believes the
expectations expressed in such forward looking statements are based on
reasonable assumptions, such statements are not guarantees of future
performance and actual results may differ materially from those in
forward looking statements. Factors that cause the actual results to
differ materially from those in forward-looking statements include gold
prices, results of exploration and development activities, regulatory
changes, defects in title, availability of materials and equipment,
timeliness of government approvals, continued availability of capital
and financing and general economic, market or business conditions. The
Company cautions the foregoing list of important factors is not
exhaustive. Investors and others who base themselves on the Company's
forward-looking statements should carefully consider the above factors
as well as the uncertainties they represent and the risk they entail.
The Company believes that the expectations reflected in those
forward-looking statements are reasonable, but no assurance can be given
that these expectations will prove to be correct. Please see the public
filings of the Company at www.sedar.com
for further information.
Simba Energy Inc.
Robert Dinning, 604-641-4450
President & CEO
info@simbaenergy.ca
www.simbaenergy.ca
or
Mark
Sommer, Toll Free: 1-855-777-4622
mark@simbaenergy.ca
