January 30, 2015, Vancouver, British Columbia. Simba Energy Inc. (TSXV: SMB, Frankfurt: GDA, OTCQB: SMBZF) (the “Company” or “Simba Energy“) has completed a non-brokered private placement involving the sale of up to 15,000,000 units at a price of Cdn$0.03 per Share. Each unit will consist of one common share and one-half of a non-transferable common share purchase warrant, with each full warrant exercisable for a period of two years from the closing date at a price of $0.05 per share, to raise gross proceeds of up to Cdn$450,000 (the “Private Placement“). No finders’ fees or commissions will be paid in connection with the placement.
Net proceeds from the Private Placement will be used towards funding and exploration commitments associated with the Company’s Production Sharing Contracts, payment of certain trade payables, and for general working capital purposes.
Closing of the Private Placement is subject to receipt of all regulatory approvals, including the approval of the TSX Venture Exchange. The Shares will be subject to a hold period of four months and one day from date of issue of the Shares.
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@example.com, 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.