RE:Essel Group w/ assets of $20 Billion own 25% of SMBThis is straight from the last Smb press release & not a tweet from a mud hut in the Africa jungle
All securities issued pursuant to the private placement are subject to a four-month hold period expiring on Oct. 1, 2016. Essel Group Middle East DMCC (a company controlled by Gagan Goel, a director of the company, and the chief executive officer of which is Punkaj Gupta, also a director of the company) and Charles de Chezelles, a director of the company, subscribed for a total of 38 million units in the private placement.
At the annual general meeting of the company held on May 31, 2016, the shareholders of the company passed an ordinary resolution approving the issuance of common shares of the company to Mr. 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 per cent 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 sections 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 Hassan Hassan's, Simba's managing director of operations, 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. The company reiterates its 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 10 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 2-D 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.