Gagan Goel (the “Offeror”) announces that on June 27, 2017 the Offeror, the Chairman and a director of Simba Essel Energy Inc. (“Simba”), acquired beneficial ownership and control of 10,569,214 common shares (“Shares”) of Simba at a deemed price of $0.07 per Share pursuant to the settlement of $739,845 of debt (the “Transaction”). The Shares were acquired under the terms of the Transaction by Mr. Goel, through Essel Group Middle East DMCC (“EGME”), which is controlled by the Offeror. The 10,569,214 Shares represent approximately 2.6% of Simba’s issued and outstanding common shares.
Prior to the Transaction, the Offeror exercised control or direction [67,914,975] securities of Simba. As a result of the acquisition of the Shares, the Offeror beneficially owns and controls over an aggregate of [78,484,189] common shares of Simba and [16,957,487] common share purchase warrants of Simba, collectively representing approximately [22.8]% of the issued and outstanding common shares of Simba, assuming the exercise of the common share purchase warrants.
The Shares were acquired by the Offeror for investment purposes. The Offeror may increase or decrease his beneficial ownership or control of securities of Simba as the circumstances or market conditions warrant.
To obtain a copy of the early warning report filed by the Offeror, please contact the Offeror at +971-506-34-2804 or refer to Simba’s SEDAR profile at www.sedar.com.
About Simba Essel Energy
Simba provides investors with well positioned exposure to oil and gas exploration in key areas of Africa with active onshore PSC in Kenya, final negotiations for a new PSC in Guinea, a new Hydrocarbon Reconnaissance Permit in Liberia and PSCs under negotiations in Chad and Ghana. Simba’s mission is to focus on onshore oil and gas potential in areas that are underdeveloped or not previously exploited.
For further information, please visit: www.simbaenergy.ca.
ON BEHALF OF THE BOARD
President & Director
For further information, contact: Mark Sommer at +1-604-629-9647 or
Toll Free: 1-855-777-4622, or email@example.com.
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.