(CVE:SIMB) has closed its previously announced non-brokered private placement, raising gross proceeds of $2.1mln.
As per the announcement of 2 November, the company issued 42,014,975 units at a price of five cents per unit, each unit consisting of one share and half a warrant. Each whole warrant entitles the holder to purchase one warrant share at an exercise price of 7.5 cents per warrant share for a period of two years.
The company plans to use the proceeds of the private placement to finance exploration commitments associated with the company's production sharing contracts in Kenya, and general working capital purposes.
All securities issued via the private placement are subject to a four-month hold period expiring on May 22, 2016.
Gagan Goel, Robert Dinning, Keith Margetson, James D!ck and Hassan Hassan, all of whom are either directors or senior officers of the company, subscribed for a total of 39.8mln units in the private placement.