Simba Essel Energy Inc SMBZF

Simba increases PP.

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imba Energy Inc (C-SMB) - News Release

 

Simba Energy increases private placement to $2.15M

2016-05-04 16:05 ET - News Release
Shares issued 338,989,243
SMB Close 2016-05-03 C$ 0.065

Mr. Robert Dinning reports

SIMBA ANNOUNCES INCREASE IN SIZE OF PRIVATE PLACEMENT

Simba Energy Inc., further to its news release of April 18, 2016, and subject to regulatory approval, has increased the size of its previously announced private placement to up to 43 million units at a price of five cents per unit to raise gross proceeds up to $2.15-million. Each unit will comprise one common share and one-half warrant, where each full warrant is exercisable into a common share at a price of 7.5 cents per share for a period of two years.

As disclosed on April 18, 2016, Dubai-based Essel Group Middle East DMCC will acquire 34 million 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 nine million 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 endeavoured to diversify further, with investments into the hydrocarbons resource sector, and has committed full support to advance Simba's enviable African oil and gas portfolio through the exploration and appraisal phases in accordance to each governing public service commission by way of joint operating agreements on a per-asset basis.

We seek Safe Harbor.