Vancouver, British Columbia / ACCESSWIRE / July 31, 2014 / Simba Energy Inc. (TSXV: SMB, Frankfurt: GDA, OTCQX: SMBZF) (the "Company") has increased the size of its non-brokered private placement to up to 54,118,009 units (the "Units") offered at a price of Cdn$0.06 per Unit to raise gross proceeds of Cdn$3,247,080 (the "Private Placement"). Each Unit consists of one (1) common share in the capital of the Company and one (1) full share purchase warrant (a "Warrant"), with each Warrant being exercisable for four years to purchase one additional common share (a "Warrant Share") at a price of Cdn$0.10 per Warrant Share for the first two years and thereafter at a price Cdn$0.15 per Warrant Share. As announced on July 2, 2014, the Company has already issued 21,988,200 Units to raise gross proceeds of Cdn$1,315,090 in the first Tranche.
The Company closed the second and final tranche of the Private Placement on July 29, 2014.
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, retirement of certain debt, and general working capital purposes.
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
President & CEO
For further information, contact: Mark Sommer, [email protected], 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.
SOURCE: Simba Energy Inc.