Simba Energy Arranges Private Placement
June 09 2014 - 3:38PM
Marketwired
Simba Energy Arranges Private Placement
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Jun 9, 2014) - 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.Mark SommerToll Free:
1-855-777-4622mark@simbaenergy.ca
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