Essel Group Middle East Exercises 17 Million Warrants In Simba Energy For A Total Of $1,275,000 Cad
October 11, 2016, Vancouver, British Columbia – Simba Energy Inc. (the “Company” or “Simba”) (TSX Venture: SMB) (Frankfurt: GDA) (CQX: SMBZF) is pleased to announce that Essel Group Middle East, (“EGME”) has exercised 17,000,000 warrants of Simba Energy Inc. at $0.075 per share for total proceeds of $1,275,000CAD. Proceeds will be used to retire remaining debt in Simba and for working capital purposes.
As a result of the exercise of warrants, EGME have increased their holdings to 21.3%. EGME also hold an additional 16, 957,485 warrants at $0.075 and advise they intend to exercise these warrants in the near future to further strengthen the working capital of Simba. The holdings of EGME will increase to 24.49% once the additional 16,957,485 warrants are exercised.
Work is continuing on the seismic program underway on Block 2A in Kenya and the Company is pleased with the progress made to date.
Punkaj Gupta, CEO of Simba commented, “Essel Group Middle East is pleased to exercise the warrants issued as part of the May 31, 2016 financing in order to provide additional working capital and to assist in retiring outstanding debt in Simba. We are also pleased with progress to date with our seismic program on Block 2 in Kenya.”
Simba and Essel anticipate a heavy workload over the next year as they continue to advance and finalize oil and gas concessions in other jurisdictions.”
About Essel Group Middle East
Essel Group Middle East (“EGME”) is a diversified natural resources company with a focus on the exploration, development and production of oil, gas and mining assets. The group targets assets in proven basins with near-term production potential and it has operations in Kenya, Guinea, Ghana, Liberia, Chad and Eritrea. EGME is backed by Essel Group, a global conglomerate with a 40-year history spanning numerous industries including the media, packaging, entertainment, infrastructure, education and metals. For further information, please visit www.esselgroupme.com.
About Simba Energy Inc.
Simba Energy Inc. provides investors with well positioned exposure to oil and gas exploration in key areas of Africa with active onshore production sharing contracts (“PSCs”) in Kenya and Guinea and PSCs under continuing negotiation in Liberia, Chad and Ghana. Simba’s mission is to focus on onshore oil and gas potential in areas that are under-developed or not previously exploited. For further information, please visit www.simbaenergy.ca
ON BEHALF OF THE BOARD
“Robert Dinning”
President
For further information, contact:
Mark Sommer at +1-604-629-9647 or Toll Free: 1‐855‐777‐4622, or info@simbaenergy.ca.
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.
Operational Update – Block 2a, Kenya 2d Seismic Survey Update And Acquisition Of Drilling Rig
August 24, 2016, Vancouver, British Columbia – Simba Energy Inc. (the “Company” or “Simba”) (TSX Venture: SMB) (Frankfurt: GDA) (CQX: SMBZF) and Essel Group Middle East (“EGME”) are pleased to provide the following operational updates on the development of Block 2A in Wajir, Kenya.
2D Seismic Survey
Simba Energy Inc. and EGME advise that work is well underway on the 2D seismic survey of Block 2A in Kenya. The testing will cover an area of approximately 535km and roughly 400km has already been cleared in preparation for shooting which is underway as well. Survey production has been completed on over half of the testing area.
The survey is being carried out by AGS Oilfield Services Ltd and it will identify and evaluate areas with hydrocarbon potential in Block 2A. The two specific aims for the seismic survey are to pinpoint the optimum locations for drilling and to estimate depths and volumes for primary and secondary drilling targets.
Rig Acquisition
In addition to this news, Simba Energy’s partner, EGME advises it has entered into a definitive agreement to acquire a new skid mounted drilling rig.
The AC-VFD drilling rig possesses power of 2,000 HP (1,470kW) and it will be used by the Company during its exploration activity on Block 2A.
Essel Group also announces that DNV GL, the world-leading classification society and risk management Company, has been appointed as a third party observer to oversee the purchase and the delivery of the drilling rig.
Mr. Gagan Goel, Chairman of Simba Energy and Managing Director of EGME, said “The work on the seismic survey and the acquisition of a drilling rig is further evidence of the progress being made in developing our portfolio of oil and gas assets. The testing is ongoing and we remain extremely confident in the prospects for Block 2A. We look forward to working with DNV GL on bringing the rig into operation. ”
About Essel Group Middle East
Essel Group Middle East (“EGME”) is a diversified natural resources company with a focus on the exploration, development and production of oil, gas and mining assets. The group targets assets in proven basins with near-term production potential and it has operations in Kenya, Guinea, Ghana, Liberia, Chad and Eritrea. EGME is backed by Essel Group, a global conglomerate with a 40-year history spanning numerous industries including the media, packaging, entertainment, infrastructure, education and metals. For further information, please visit www.esselgroupme.com.
About Simba Energy
Simba Energy Inc. provides investors with well positioned exposure to oil and gas exploration in key areas of Africa with active onshore production sharing contracts (“PSCs”) in Kenya and Guinea and PSCs under continuing negotiation in Chad, Liberia and Ghana. Simba’s mission is to focus on onshore oil and gas potential in areas that are under-developed or not previously exploited. For further information, please visit http://www.simbaenergy.ca/
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.
On behalf of the board:
“Robert Dinning”
President
For further information, contact:
Mark Sommer at +1-604-629-9647 or Toll Free: 1‐855‐777‐4622, or info@simbaenergy.ca
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.
This release includes certain statements that may be deemed to be “forward-looking statements”. All statements in this release, other than the statements of historical facts, that address events or developments that the Company expects to occur, are forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words “expects”, “plans”, “could” or “should” occur. Forward looking information in this news release includes, without limitation, all statements regarding the use of proceeds. Although the Company believes that the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in forward-looking statements. Factors that cause the actual results to differ materially from those in forward-looking statements include: results of exploration and development activities, regulatory changes, defects in title, availability of materials and equipment, timeliness in government approvals, continued availability of capital and financing and general economic, market and business conditions. The Company cautions the foregoing list of important factors is not exhaustive. Investors and others who base themselves on the Company’s forward-looking statements should carefully consider the above factors as well as the uncertainties they represent and the risk they entail. The Company believes that the expectations reflected in those forward-looking statements are reasonable, but no assurance can be given that these expectations will prove to be correct. Please see the public filings of the Company at www.sedar.com for further information.
Simba Announces Closing Of Private Placement And Kenya Operations Update
June 15, 2016, Vancouver, British Columbia – Simba Energy Inc. (the “Company” or “Simba”) (TSX Venture: SMB) (Frankfurt: GDA) (CQX: SMBZF) has closed the non-brokered private placement previously announced on April 18 and May 4, 2016 to raise gross proceeds of $2,150,000 (the “Private Placement”).
The Company issued 43,000,000 units (“Units”) at a price of $0.05 per Unit, each Unit consisting of one common share of the Company (a “Share”) and one-half of one common share purchase warrant, with each whole warrant (a “Warrant”) entitling the holder to purchase common share of the Company (a “Warrant Share”) at an exercise price of $0.075 per Warrant Share for a period of two years. The Company plans to use the proceeds of the Private Placement to retire existing debt and for general working capital purposes. All securities issued pursuant to the Private Placement are subject to a four month hold period expiring on October 1, 2016. Essel Group Middle East DMCC (“Essel Group”, a company controlled by Gagan Goel, a director of the Company and the CEO of which is Punkaj Gupta, also a director of the Company) and Charles de Chezelles, a director of the Company (collectively, the “Insiders”), subscribed for a total of 38,000,000 Units in the Private Placement.
At the annual general meeting of the Company held on May 31, 2016, the disinterested shareholders of the Company passed an ordinary resolution approving the issuance of common shares of the Company to Gagan Goel or Essel Group on the exercise of share purchase warrants held by either of them in such circumstance where Mr. Goel and Essel Group will collectively hold 20% or more of the issued and outstanding common shares of the Company as a result of such exercise and thereby result in a change of control under TSX Venture Exchange policies. The Company relied upon exemptions from the valuation and minority shareholder approval requirements of Multilateral Instrument 61-101 contained in section 5.5(b) and 5.7(1)(b), respectively, with respect to the issuance of the Units to the Insiders.
Block 2A Kenya Update:
The Company is also pleased to report that following Simba’s Managing Director- Operations, Hassan Hassan’s successful meetings with elders and community leaders in Wajir, Kenya, the parties have come to an understanding regarding allocation of work and services matters on Block 2A. We reiterate our commitment to carry out works that meet best practice regarding work on its Block 2A concession in Kenya. The survey work on Block 2A commenced on Sunday June 12, 2016, and will be followed in the next ten days by the cutting of the seismic lines, in order that seismic data acquisition can occur. Simba and its partner Essel Group Middle East plan to complete the 2D Seismic Data Acquisition and Processing program in the next 60 days with a view to targeting final locations for drilling later in 2016. “We are pleased with the co-operation being extended to the Company by the local communities. We are keen to complete our work in the field in a respectful and thoughtful manner.” said Punkaj Gupta, CEO.
About Essel Group Middle East:
Essel Group ME is part of Essel Group India, a business conglomerate that has over the past three decades achieved diverse and prominent growth across media, entertainment, packaging, infrastructure, precious metals, and energy and technology sectors. Essel Group has recently endeavored to diversify further with investments into the hydrocarbon resource sector and has committed full support to advance Simba’s African O & G portfolio through the exploration and appraisal phases in accordance to each governing PSC by way of joint operating agreements on a per asset basis.
About Simba Energy:
Simba Energy Inc. provides investors with well positioned exposure to oil and gas exploration in key areas of Africa with active onshore production sharing contracts (“PSCs”) in Kenya and Guinea and PSCs under continuing negotiation in Chad, Liberia and Ghana. Simba’s mission is to focus on onshore oil and gas potential in areas that are under-developed or not previously exploited.
ON BEHALF OF THE BOARD
“Robert Dinning”
President
For further information, contact: Mark Sommer at +1-604-629-9647 or Toll Free: 1‐855‐777‐4622, or info@simbaenergy.ca . 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.
This release includes certain statements that may be deemed to be “forward-looking statements”. All statements in this release, other than the statements of historical facts, that address events or developments that the Company expects to occur, are forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words “expects”, “plans”, “could” or “should” occur. Forward looking information in this news release includes, without limitation, all statements regarding the use of proceeds. Although the Company believes that the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in forward-looking statements. Factors that cause the actual results to differ materially from those in forward-looking statements include: results of exploration and development activities, regulatory changes, defects in title, availability of materials and equipment, timeliness in government approvals, continued availability of capital and financing and general economic, market and business conditions. The Company cautions the foregoing list of important factors is not exhaustive. Investors and others who base themselves on the Company’s forward-looking statements should carefully consider the above factors as well as the uncertainties they represent and the risk they entail. The Company believes that the expectations reflected in those forward-looking statements are reasonable, but no assurance can be given that these expectations will prove to be correct. Please see the public filings of the Company at www.sedar.com for further information.
Simba Energy Announces Results From Annual General Meeting
HIGHLIGHTS CHANGES TO THE BOARD AND MANAGEMENT
VANCOUVER BC; Simba Energy Inc. (The Company”) (SMB:TSX-V) (SMBZF:OTCBB, GDA: Frankfurt) announced today the results of the Company’s Annual General Meeting of Shareholders held on May 31, 2016.
- Gagan Goel named Chairman and Director;
- Punkaj Gupta named CEO and Director;
- Appointment of Davidson & Company, LLP as the Company’s auditor;
- Proposed slate of six directors;
- Renewal of Stock Option Plan;
- Creation of New Control Person;
The Company provided an update on activities in Kenya as well as the status of applications underway in Guinea for the additional 40% on the PSC, and in Liberia where the Company is finalizing an agreement to acquire a formal PSC in that country.
Gagan Goel, Managing Director of Essel Group ME and Chairman of Simba Energy, said, “Punkaj Gupta’s appointment as Chief Executive Officer of Simba Energy is an important step in strengthening the ties between both companies, and we are pleased to have the clear support of the shareholders.”
Punkaj Gupta, Chief Executive Officer of Essel Group ME and Simba Energy, said, “Simba Energy is at an extremely exciting stage of its development, with preparations for the 2D seismic survey now complete on the Block 2-A asset in Kenya, and the shooting of lines about to commence in the next 10-15 days, in preparation of the commencement of a drill programme later in 2016. I look forward to updating shareholders of our progress in due course.”
The Company announced financial results for the nine-month period with net losses for the period to date of $897,633 compared to a net loss for the year ending June 30, 2015 of $2,205,718, for a 60% reduction in losses to date. Cash on hand at March 31, 2016 amounted to $165,746 compared to $4,893 at June 30, 2015. The Company has also just completed a Private Placement financing of $2,150,000 which is subject to TSX approval.
About Essel Group Middle East:
Essel Group ME is part of Essel Group India, a business conglomerate that has over the past three decades achieved diverse and prominent growth across media, entertainment, packaging, infrastructure, precious metals, and energy and technology sectors. Essel Group has recently endeavored to diversify further with investments into the hydrocarbon resource sector and has committed full support to advance Simba’s African O & G portfolio through the exploration and appraisal phases in accordance to each governing PSC by way of joint operating agreements on a per asset basis.
About Simba Energy:
Simba Energy Inc. provides investors with well positioned exposure to oil and gas exploration in key areas of Africa with active onshore production sharing contracts (“PSCs”) in Kenya and Guinea and PSCs under continuing negotiation in Chad, Liberia and Ghana. Simba’s mission is to focus on onshore oil and gas potential in areas that are under-developed or not previously exploited.
ON BEHALF OF THE BOARD
“Robert Dinning”
President
For further information, contact:
Mark Sommer at +1-604-629-9647 or Toll Free: 1‐855‐777‐4622 or
info@simbaenergy.ca or www.simbaenergy.ca
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.
This release includes certain statements that may be deemed to be “forward-looking statements”. All statements in this release, other than the statements of historical facts, that address events or developments that the Company expects to occur, are forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words “expects”, “plans”, “could” or “should” occur. Forward looking information in this news release includes, without limitation, all statements regarding the use of proceeds. Although the Company believes that the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in forward-looking statements. Factors that cause the actual results to differ materially from those in forward-looking statements include: results of exploration and development activities, regulatory changes, defects in title, availability of materials and equipment, timeliness in government approvals, continued availability of capital and financing and general economic, market and business conditions. The Company cautions the foregoing list of important factors is not exhaustive. Investors and others who base themselves on the Company’s forward-looking statements should carefully consider the above factors as well as the uncertainties they represent and the risk they entail. The Company believes that the expectations reflected in those forward-looking statements are reasonable, but no assurance can be given that these expectations will prove to be correct.
Please see the public filings of the Company at www.sedar.com for further information.
Amendment To Warrant Exercise Price
May 6, 2016 – Vancouver, British Columbia – Simba Energy Inc. (the “Company” or “Simba”) (TSX Venture: SMB) (Frankfurt: GDA) (CQX: SMBZF) announced today that it has amended the terms of outstanding share purchase warrants (the “Warrants”) exercisable into common shares of the Company issued on June 30, 2014 and July 30, 2014, by decreasing the exercise price during the third year of the four-year term of the Warrants from $0.15 to $0.10. The exercise price of $0.15 during the fourth year of the four-year of the term of the Warrants is not being amended.
21,988,200 Warrants were originally issued on June 30, 2014 and are exercisable for four years to purchase up to 21,988,200 common shares of the Company at a price of $0.10 per share until June 30, 2016 and, thereafter, at a price $0.15 per Warrant Share until June 30, 2018 (the “June Warrants”) and 32,129,809 Warrants were originally issued on July 30, 2014 exercisable for four years to purchase up to 32,129,809 common shares of the Company at a price of $0.10 per share until July 30, 2016 and, thereafter, at a price $0.15 per Warrant Share until July 30, 2018 (the “July Warrants”)
The expiry date of June 30, 2018 for the June Warrants and July 30, 2018 for the July Warrants will remain unchanged.
7,665,000 June Warrants and 3,100,000 July Warrants are beneficially owned by directors and officers of the Company. Pursuant to the policies of the TSX Venture Exchange (“TSXV”), only 3,429,848 June Warrants and 1,387,153 July Warrants beneficially owned by directors and officers of the Company (being ten percent of the total number of Warrants) may be repriced.
The amendment of the Warrants is subject to acceptance for filing by the TSXV.
ON BEHALF OF THE BOARD
“Robert Dinning”
President
For further information, contact: Mark Sommer at +1-604-629-9647 or Toll Free: 1‐855‐777‐4622, or info@simbaenergy.ca.
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.
Simba Announces Increase In Size Of Private Placement
May 4, 2016 – Vancouver, British Columbia – Simba Energy Inc. (the “Company” or “Simba”) (TSX Venture: SMB) (Frankfurt: GDA) (OTCQB: SMBZF) is pleased to announce that further to its news release of April 18, 2016, and subject to regulatory approval, the Company has increased the size of its previously announced private placement (the “Private Placement”) to up to 43 million units (the “Units”) at a price of $0.05 per Unit to raise gross proceeds up to $2,150,000. Each Unit will comprise one (1) common share and one half warrant where each full warrant is exercisable into a common share at a price of $0.075 per share for a period of two years.
As disclosed on April 18, 2016, Dubai-based Essel Group Middle East DMCC (“Essel”) will acquire 34,000,000 Units. In addition to Essel, the Company has arranged for additional subscribers, including certain insiders and existing shareholders, to collectively subscribe for up to an additional 9,000,000 Units. The proceeds from the Private Placement will be used to retire existing debt and for working capital purposes.
Essel Group Middle East has recently endeavored to diversify further with investments into the hydrocarbons resource sector and has committed full support to advance Simba’s enviable African Oil & Gas portfolio through the exploration and appraisal phases in accordance to each governing PSC by way of Joint Operating Agreements on a per asset basis.
Simba Energy Inc. provides investors very well positioned exposure to oil and gas exploration in key areas of Africa with active onshore PSCs in Kenya and Guinea and PSC’s under continuing negotiation in Chad, Liberia and Ghana. Simba’s premise is to focus on onshore oil and gas potential in areas that are under-developed or not previously exploited.
The annual shareholders meeting of the Company will be held on May 31, 2016 at 11:00AM at the Company offices, located at #210-905 West Pender St, Vancouver BC, Canada, V6C1L6.
ON BEHALF OF THE BOARD
“Robert Dinning”
President
For further information, contact: Mark Sommer at +1-604-629-9647 or Toll Free: 1‐855‐777‐4622, or info@simbaenergy.ca.
This News Release may contain forward-looking statements based on assumptions and judgments of management regarding future events or results that may prove to be inaccurate as a result of exploration and other risk factors beyond its control, and actual results may differ materially from the expected results. 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.
Essel Group Middle East To Invest In Simba And New CEO Appointed
April 18, 2016, Vancouver, British Columbia – Simba Energy Inc. (the “Company” or “Simba”) (TSX Venture: SMB) (Frankfurt: GDA) (CQX: SMBZF) is pleased to announce that it has arranged, subject to receipt of regulatory approval, a private placement financing (the “Private Placement”) involving the sale to Dubai-based Essel Group Middle East DMCC (“Essel Group Middle East”) of 34,000,000 units (“Units”) at a price of $0.05 per Unit to raise gross proceeds of approximately $1,700,000. Each Unit is to be comprised of one (1) common share of the Company and one-half of a share purchase warrant, with each full warrant being exercisable to purchase an additional common share of the Company at a price of $0.075 per share for a period of two years. Proceeds from the Private Placement will be used for working capital for the Company.
Essel Group Middle East is a related party to Simba under Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions (“MI 61-101”), as Gagan Goel, a Vice-Chairman and a director of Simba, is the Managing Director of Essel Group Middle East. The Private Placement therefore constitutes a related party transaction under MI 61-101 and the Company is relying upon exemptions from the valuation and minority shareholder approval requirements of MI 61-101 available pursuant to sections 5.5(b) and 5.7(b) of MI 61-101, as the Company is not listed on a senior specified stock exchange and the Private Placement is to raise proceeds of less than $2,500,000. Pending receipt of TSXV approval, the Company plans to close the Private Placement within 21 days from the date hereof.
Appointment of New CEO
The Company also announces that Robert Dinning has resigned as CEO of the Company effective immediately and that Mr. Punkaj Gupta has been appointed as the Company’s new CEO. Mr. Gupta, who is currently a member of the Board of Directors of the Company, is also the CEO of Essel Group Middle East. Mr. Dinning will continue to act as President and a director of the Company.
“We are very pleased to have Punkaj Gupta join our management team and take a leadership role. We believe that his appointment will assist us significantly with the development of our assets in various locations in Africa,” said Robert Dinning, President.
“We welcome the appointment of Punkaj Gupta as CEO of Simba. I believe that his appointment represents a step towards both Simba and Essel Group Middle East moving forward on a growth path and aligning their strategies at the grassroots level”, said Gagan Goel, Vice-Chairman of Simba and Managing Director of Essel Group Middle East.
Essel Group Middle East has advised that it has recently endeavored to diversify further with investments into the hydrocarbons resource sector and that it has committed its full support to advance Simba’s African oil and gas portfolio through the exploration and appraisal phases in accordance with each governing production sharing contract (“PSC”) by way of joint operating agreements on a per asset basis.
Simba Energy Inc. provides investors with exposure to oil and gas exploration in key areas of Africa with active onshore PSCs in Kenya and Guinea and PSCs under continuing negotiation in Chad, Liberia and Ghana. Simba’s premise is to focus on onshore oil and gas potential in areas that are under-developed or not previously exploited.
An updated corporate presentation covering technical & other material and information on Simba’s exploration portfolio and activities in Africa is being finalized on the company’s website, www.simbaenergy.ca.
ON BEHALF OF THE BOARD
“Robert Dinning”
President
For further information, contact: Mark Sommer at +1-604-629-9647 or Toll Free: 1‐855‐777‐4622, or info@simbaenergy.ca.
This News Release may contain forward-looking statements based on assumptions and judgments of management regarding future events or results that may prove to be inaccurate as a result of exploration and other risk factors beyond its control, and actual results may differ materially from the expected results. 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.
Simba Energy (And Essel Group Me) Execute 2-D Seismic Contract For Block 2A In Kenya
March 21, 2016, Vancouver, British Columbia – Simba Energy Inc. (the “Company” or “Simba”) (TSX Venture: SMB) (Frankfurt: GDA) (CQX: SMBZF) announces that through its subsidiary Company Simba Africa Rift Limited, a contract has been executed with Africa Geophysical Services LLC, (AGS) a Company incorporated under the laws of Sultanate of Oman, for the purpose of 2D Seismic Data Acquisition and Processing on Block 2A Wajir, Kenya.
Simba Africa Rift Limited and its farm in partner Essel Group ME (EGME), have agreed that the 2D Seismic Data Acquisition and Processing program will cover approximately 500 line km of survey and it is expected that preliminary field work and mobilization will commence in mid to late April, 2016 with the full survey to commence in early May 2016. It is expected that the work will take about 60-75 days to complete to be followed by interpretation of the data.
“We are pleased to finalize this contract and to commence the field work to obtain the necessary data. This will allow the Company to plan a drill program later this year.” said Robert Dinning, President and CEO, Simba Energy Inc.
The next phase of the exploration will see EGME and Simba Energy Inc. jointly acquire an oil drilling rig. “The drilling process will start as soon as we get a positive seismic result”, commented Gagan Goel, MD EGME and Vice – Chairman, Simba Energy Inc.
About Essel Group Middle East:
Essel Group ME is part of Essel Group India, a business conglomerate that has over the past three decades achieved diverse and prominent growth across media, entertainment, packaging, infrastructure, precious metals, and energy and technology sectors. Essel Group has recently endeavored to diversify further with investments into the hydrocarbon resource sector and has committed full support to advance Simba’s African O & G portfolio through the exploration and appraisal phases in accordance to each governing PSC by way of joint operating agreements on a per asset basis.
About Simba Energy:
Simba Energy Inc. provides investors with well positioned exposure to oil and gas exploration in key areas of Africa with active onshore production sharing contracts (“PSCs”) in Kenya and Guinea and PSCs under continuing negotiation in Chad, Liberia and Ghana. Simba’s mission is to focus on onshore oil and gas potential in areas that are under-developed or not previously exploited.
ON BEHALF OF THE BOARD
“Robert Dinning”
President & CEO
For further information, contact: Mark Sommer at +1-604-629-9647 or Toll Free: 1‐855‐777‐4622, or info@simbaenergy.ca or www.simbaenergy.ca
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.
This release includes certain statements that may be deemed to be “forward-looking statements”. All statements in this release, other than the statements of historical facts, that address events or developments that the Company expects to occur, are forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words “expects”, “plans”, “could” or “should” occur. Forward looking information in this news release includes, without limitation, all statements regarding the use of proceeds. Although the Company believes that the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in forward-looking statements. Factors that cause the actual results to differ materially from those in forward-looking statements include: results of exploration and development activities, regulatory changes, defects in title, availability of materials and equipment, timeliness in government approvals, continued availability of capital and financing and general economic, market and business conditions. The Company cautions the foregoing list of important factors is not exhaustive. Investors and others who base themselves on the Company’s forward-looking statements should carefully consider the above factors as well as the uncertainties they represent and the risk they entail. The Company believes that the expectations reflected in those forward-looking statements are reasonable, but no assurance can be given that these expectations will prove to be correct. Please see the public filings of the Company at www.sedar.com for further information.
Simba Energy Inc. – Change Of Directors
March 16, 2016, Vancouver, British Columbia – Simba Energy Inc. (the “Company” or “Simba”) (TSX Venture: SMB) (Frankfurt: GDA) (CQX: SMBZF) announces that Mr. Punkaj Gupta, has been appointed to the Board of Directors of the Company to replace Mr. James W. Dick, who has resigned from the Board. Simba thanks Mr. Dick for his efforts and contributions to the Company as a Board member. Mr. Dick will continue to provide technical services to Simba as Chief Technical Officer, in the development of its portfolio of assets throughout Africa.
Mr. Gupta, a resident of Dubai, UAE, is presently the Group Chief Executive Officer of Essel Group ME. He has a Masters’ degree in Economic, Business Management and Finance. He has an extensive international background in industry and government affairs. He has worked with the United Nations and various government and international trade bodies and has advised on policy making. His extensive industry experience and expertise comes from the steel industry, mining and finance. As noted in the Company’s news release dated December 3, 2015, the Company has entered into a definitive farm out agreement with Essel Group ME on Block 2A in Kenya wherein Essel Group ME will earn a 60% participating interest in Block 2A by funding 100% of exploration expenses until the completion of the drilling of 2 conventional wells on Block 2A.
“We are delighted that Punkaj Gupta has joined our Board of Directors. He adds an extensive background in international affairs including mining and the steel industry that will be very helpful as Simba develops its assets on the African continent.” said Robert Dinning, President and CEO.
Essel Group ME is part of Essel Group India, a business conglomerate that has over the past three decades achieved diverse and prominent growth across media, entertainment, packaging, infrastructure, precious metals, and energy and technology sectors. The Essel Group has recently endeavored to diversify further with investments into the hydrocarbon resource sector and has committed full support to advance Simba’s African O & G portfolio through the exploration and appraisal phases in accordance to each governing PSC by way of joint operating agreements on a per asset basis.
Simba Energy Inc. provides investors with well positioned exposure to oil and gas exploration in key areas of Africa with active onshore production sharing contracts (“PSCs”) in Kenya and Guinea and PSCs under continuing negotiation in Chad, Liberia and Ghana. Simba’s mission is to focus on onshore oil and gas potential in areas that are under-developed or not previously exploited.
ON BEHALF OF THE BOARD
“Robert Dinning”
President & CEO
For further information, contact: Mark Sommer at +1-604-629-9647 or Toll Free: 1‐855‐777‐4622, or info@simbaenergy.ca.
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.
This release includes certain statements that may be deemed to be “forward-looking statements”. All statements in this release, other than the statements of historical facts, that address events or developments that the Company expects to occur, are forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words “expects”, “plans”, “could” or “should” occur. Forward looking information in this news release includes, without limitation, all statements regarding the use of proceeds. Although the Company believes that the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in forward-looking statements. Factors that cause the actual results to differ materially from those in forward-looking statements include: results of exploration and development activities, regulatory changes, defects in title, availability of materials and equipment, timeliness in government approvals, continued availability of capital and financing and general economic, market and business conditions. The Company cautions the foregoing list of important factors is not exhaustive. Investors and others who base themselves on the Company’s forward-looking statements should carefully consider the above factors as well as the uncertainties they represent and the risk they entail. The Company believes that the expectations reflected in those forward-looking statements are reasonable, but no assurance can be given that these expectations will prove to be correct. Please see the public filings of the Company at www.sedar.com for further information.
SIMBA ENERGY CLOSES $2.1 MILLION PRIVATE PLACEMENT
January 21, 2016, Vancouver, British Columbia – Simba Energy Inc. (the “Company” or “Simba”) (TSX Venture: SMB) (Frankfurt: GDA) (CQX: SMBZF) has closed its previously announced (November 2, 2015) non-brokered private placement to raise gross proceeds of $2,100,749.00 (the “Private Placement”). The Company issued 42,014,975 units (“Units”) at a price of $0.05 per Unit, each Unit consisting of one share (“Share”) and one-half of one warrant, with each whole warrant (a “Warrant”) entitling the holder to purchase one Warrant Share at an exercise price of $0.075 per Warrant Share for a period of two years.
The Company plans to use the proceeds of the Private Placement to fund exploration commitments associated with the Company’s Production Sharing Contracts in Kenya, and general working capital purposes. All securities issued pursuant to the Private Placement are subject to a four month hold period expiring on May 22, 2016.
Gagan Goel, Robert Dinning, Keith Margetson, James Dick and Hassan Hassan (the “Insiders”), all directors and/or senior officers of the Company, subscribed for a total of 39,814,975 Units in the Private Placement. No Warrants may be exercised by Mr. Goel until the TSX Venture Exchange (“TSXV”) has confirmed acceptance of Mr. Goel’s TSXV Form 2A Personal Information Form. The Company relied upon exemptions from the valuation and minority shareholder approval requirements of Multilateral Instrument 61-101 contained in section 5.5(b) and 5.7(b), respectively, with respect to the issuance of the Units to the Insiders.
Simba Energy Inc. provides investors with well positioned exposure to oil and gas exploration in key areas of Africa with active onshore production sharing contracts (“PSCs”) in Kenya and Guinea and PSCs under continuing negotiation in Chad, Liberia and Ghana. Simba’s mission is to focus on onshore oil and gas potential in areas that are under-developed or not previously exploited.
ON BEHALF OF THE BOARD
“Robert Dinning”
President & CEO
For further information, contact: Mark Sommer at +1-604-629-9647 or Toll Free: 1‐855‐777‐4622, or info@simbaenergy.ca.
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.
This release includes certain statements that may be deemed to be “forward-looking statements”. All statements in this release, other than the statements of historical facts, that address events or developments that the Company expects to occur, are forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words “expects”, “plans”, “could” or “should” occur. Forward looking information in this news release includes, without limitation, all statements regarding the use of proceeds. Although the Company believes that the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in forward-looking statements. Factors that cause the actual results to differ materially from those in forward-looking statements include: results of exploration and development activities, regulatory changes, defects in title, availability of materials and equipment, timeliness in government approvals, continued availability of capital and financing and general economic, market and business conditions. The Company cautions the foregoing list of important factors is not exhaustive. Investors and others who base themselves on the Company’s forward-looking statements should carefully consider the above factors as well as the uncertainties they represent and the risk they entail. The Company believes that the expectations reflected in those forward-looking statements are reasonable, but no assurance can be given that these expectations will prove to be correct. Please see the public filings of the Company at www.sedar.com for further information.