Vancouver, British Columbia / TheNewswire / February 13, 2015 / Simba Energy Inc. (TSXV: SMB, Frankfurt: GDA, OTCQB: SMBZF) (the "Company") announces that is has completed a nonbrokered private placement (the "Private Placement") of a total of 15,000,000 units for gross proceeds of $450,000. Each and unit consists of one common share and one-half of a non-transferable common share purchase warrant, with each full warrant exercisable for a period of two years from the closing date at a price of $0.05 per share. The securities are subject to a four-month hold period as required under applicable securities law.
The Company plans to use the proceeds of the Private Placement to fund exploration commitments associated with the Company's Production Sharing Contracts in Kenya and Guinea, and general working capital purposes.
The Company also announces it has granted stock options to officers, directors, and consultants, under its stock option plan, for the purchase of up to 7.2 million common shares of the Company for a period of 5 years at a price of $0.06 per share.
About Simba Energy: Simba Energy Inc. is establishing itself as a diversified international explorer and developer with a growing oil and gas acreage position in Africa, with onshore Production Sharing Contracts in Kenya, Guinea and Chad.
ON BEHALF OF THE BOARD
"Robert Dinning"
President & CEO
For further information, contact: Mark Sommer, info@simbaenergy.ca, Toll Free: 1- 855-777-4622.
Neither the 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.
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