Default Announcement Pursuant to National Policy 12-203
Vancouver, November 2, 2018 - Simba Essel Energy Inc. (the "Company" or "Simba") (TSX Venture: SMB) (OTC: SMBZF) (Frankfurt: GDA), the Issuer, announced today that it will not be in a position to file its audited annual financial statements (the "Statements"), management's discussion and analysis and related certifications for the fiscal year ended June 30, 2018 on or before October 29, 2018, as required, due to: - Audited financial statements are not yet available;
- Specific financial arrangements will not complete until early November 2018.
Accordingly, the Issuer has requested the issuance of a management cease trade order under the provisions of National Policy 12-203 Cease Trade Orders for Continuous Disclosure Defaults ("NP 12-203") so as to permit the continued trading in the Issuer's Common Shares by persons other than insiders and employees of the Issuer. The Issuer expects to be able to have the audit of the Statements completed, and the Statements filed, no later than December 30, 2018.
The Issuer confirms that it intends to satisfy the provisions of section 4.4 of NP 12-203 and issue bi- weekly default status reports for so long as the Issuer remains in default of the financial statement filing requirement, containing any material changes to the information in this release, all actions taken by the Issuer to remedy the default; particulars of any failure by the Issuer to fulfill these provisions, any subsequent defaults of the Issuer requiring a default announcement and any other material information concerning the affairs of the Issuer not previously disclosed. The Issuer is not subject to any insolvency proceedings nor is there in other material information concerning the affairs of the Issuer that has not been generally disclosed.
On behalf of the Board of Directors,
"Punkaj Gupta"
Punkaj Gupta
Chief Executive Officer
THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT THE RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS NEWS RELEASE.
This press release contains certain forward looking statements which involve known and unknown risks, delays and uncertainties not under the Company's control which may cause actual results, performances or achievements of the Company to be materially different from the results, performances or expectations implied by these forward looking statements. This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States.
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