Vancouver, B.C., Canada – January 24, 2011 – Simba Energy Inc. (the “Company”) announces that it has closed its private placement first announced on December 30, 2010. The Company issued 42,322,500 units at $0.08 per unit for total gross proceeds of $3,385,800. Each unit consists of one common share and one-half of one transferable share purchase warrant, each whole warrant exercisable into one additional common share until January 20, 2012, a price of $0.16 per share. All securities issued under the placement are subject to hold periods expiring on May 21, 2011.
The Company paid $93,540 in finder’s fees in respect of the placement.
The majority of the proceeds will be used for the payment of government fees, preliminary ground work expenses and office setup fees in Mali, as well as licensing and survey costs and general overhead costs in Liberia for the next several months. The Company will also use general working capital funds to continue its pursuit of Production Sharing Agreements in Ghana and will continue to pay down outstanding payables and other liabilities as required.
The Company also announces that Casey Forward has resigned as director and Chief Financial Officer of the Company. The Company thanks Mr. Forward for his years of service. Mr. Keith Margetson C.A. has been appointed Chief Financial Officer of the Company effective immediately. Mr. Margetson qualified as a Chartered Accountant in 1975 and has operated his own accounting firm since 1992. He has 15 years experience with public companies both as an auditor and in providing other professional services.
ON BEHALF OF THE BOARD
Robert Dinning, President & CEO
For further information, contact Robert Dinning, President and CEO of the Company at:
email@example.com Telephone: (604) 641-4450 Facsimile: (604) 669-9335
“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.”