Vancouver, B.C., Canada – December 30, 2010 – Simba Energy Inc. (the “Company”) is pleased to announce it has arranged, subject to the approval of the TSX Venture Exchange, a private placement of up to 25,000,000 units at $0.08 per unit for a total gross proceeds of up to $2,000,000. Each unit consists of one common share and one half of a transferable share purchase warrant, each warrant exercisable into one additional common share for one year from the date of issue at a price of $0.16 per share. The proceeds of the private placement will be used for general working capital.
Finder’s fees may be payable in whole or part on the private placement in accordance with the policies of the TSX Venture Exchange
About Simba Energy Inc.
Simba Energy is a Vancouver, B.C. based oil and gas exploration company focusing on strategic hydrocarbon opportunities in Africa (Liberia, Ghana and Mali). This region has shown increased promise for development of new hydrocarbon deposits. The Company holds the first and only onshore Hydrocarbon Reconnaissance Permit issued in the country of Liberia for 1,366 sq. kms covering the entire onshore extent of the sedimentary basin known as the Robert-Bassa Basin. In having advanced the license to now warrant acquisition of seismic data Simba has exercised its right to convert this license to a Production Sharing Agreement (PSA) with final approval expected in Q1-11. Simba is the first junior resource company to pursue onshore oil and gas opportunities in Liberia since the late 1970’s.
ON BEHALF OF THE BOARD
Robert Dinning, President & CEO
For further information contact Simba Energy Inc., Robert Dinning, Chief Executive Officer at 604 641 4450, or:
For more information please visit: www.simbaenergy.ca