|By Marketwired .||
|June 9, 2014 03:39 PM EDT||
VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 06/09/14 -- Simba Energy Inc. (TSX VENTURE:SMB)(FRANKFURT:GDA)(OTCQX:SMBZF) (the "Company" or "Simba") is pleased to announce a non-brokered private placement for gross proceeds of up to Cdn$3.0 million (the "Private Placement").
The Company is to issue up to 50 million units (the "Units") at a price of Cdn$0.06 per Unit, with each Unit consisting of one (1) common share in the capital of the Corporation and one (1) full share purchase warrant (a "Warrant"). Each Warrant is exercisable for four years to purchase one additional common share at a price of Cdn$0.10 during the first two year period, or at a price Cdn$0.15 for the next two year period. A hold period of four months and one day from date of issue will apply to all securities issued pursuant to the Private Placement.
Net proceeds from the Private Placement will be used towards funding and exploration commitments associated with the Company's Production Sharing Contracts in Kenya, retirement of certain debt and general working capital purposes.
The offering is available to residents of Canada, the United States and the United Kingdom pursuant to available prospectus and registration exemptions.
A finder's fee of 7% cash and 7% share purchase warrants ("Finder's Warrants") will be paid and issued in respect of a portion of the gross proceeds raised from the Private Placement. Each Finder's Warrant will entitle the finder to purchase one common share of the Company at a price of Cdn$0.10 for a period of two years from closing.
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
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.
Simba Energy Inc.
Toll Free: 1-855-777-4622