Vancouver, B.C., Canada – June 3, 2010 – Simba Energy Inc. (the “Company”) is pleased to announce that further to its news releases of April 14 and May 17, 2010, it has now closed its private placement. The Company issued a total of 31,222,357 units at $0.07 per unit for total gross proceeds of $2,185,565. Each unit consists of one common share and one transferable share purchase warrant, each warrant exercisable into one additional common share until May 31, 2012, a price of $0.15 per share.
The Company paid/issued the following in finder’s fees in respect of the placement:
- Cash payments totaling $19,619;
- 280,280 non-transferable share purchase warrants, each warrant exercisable into one common share of the Company at a price of $0.15 per share until May 31, 2012;
- 1,240,000 non-transferable share purchase warrants, each warrant exercisable into one common share of the Company at a price of $0.10 per share until May 31, 2012.
All securities issued under the placement are subject to hold periods expiring on October 1, 2010.
Proceeds of the placement will be used for general working capital.
“The completion of this private placement is a significant move forward.” said Simba CEO and President Robert Dinning. “The Company once again is showing the market that with our name change and the refocus that has come with our new management team in place, Simba Energy is pursuing an aggressive path to building shareholder value through the execution of our African targeted strategic focus.”
About Simba Energy Inc.
Simba Energy, Inc. (TSXV: SMB) (Frankfurt: GDA) is an oil and gas exploration company focused on hydrocarbon opportunities in Africa. Simba Energy has already secured a Hydrocarbon Reconnaissance Permit in Liberia which extends over an area of 1,366 sq. kms and covers the entire onshore extent of the Robert-Bassa Basin.
The Company’s shares are listed on the TSX Venture Exchange under the symbol SMB as well as the Frankfurt Stock Exchange under the symbol GDA.
On Behalf of the Board,
“Robert Dinning”, President and CEO
THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.