May 6, 2016 – Vancouver, British Columbia – Simba Energy Inc. (the “Company” or “Simba”) (TSX Venture: SMB) (Frankfurt: GDA) (CQX: SMBZF) announced today that it has amended the terms of outstanding share purchase warrants (the “Warrants”) exercisable into common shares of the Company issued on June 30, 2014 and July 30, 2014, by decreasing the exercise price during the third year of the four-year term of the Warrants from $0.15 to $0.10. The exercise price of $0.15 during the fourth year of the four-year of the term of the Warrants is not being amended.
21,988,200 Warrants were originally issued on June 30, 2014 and are exercisable for four years to purchase up to 21,988,200 common shares of the Company at a price of $0.10 per share until June 30, 2016 and, thereafter, at a price $0.15 per Warrant Share until June 30, 2018 (the “June Warrants”) and 32,129,809 Warrants were originally issued on July 30, 2014 exercisable for four years to purchase up to 32,129,809 common shares of the Company at a price of $0.10 per share until July 30, 2016 and, thereafter, at a price $0.15 per Warrant Share until July 30, 2018 (the “July Warrants”)
The expiry date of June 30, 2018 for the June Warrants and July 30, 2018 for the July Warrants will remain unchanged.
7,665,000 June Warrants and 3,100,000 July Warrants are beneficially owned by directors and officers of the Company. Pursuant to the policies of the TSX Venture Exchange (“TSXV”), only 3,429,848 June Warrants and 1,387,153 July Warrants beneficially owned by directors and officers of the Company (being ten percent of the total number of Warrants) may be repriced.
The amendment of the Warrants is subject to acceptance for filing by the TSXV.
ON BEHALF OF THE BOARD
For further information, contact: Mark Sommer at +1-604-629-9647 or Toll Free: 1‐855‐777‐4622, or firstname.lastname@example.org.
Neither 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.