Fresh Response From MarkHi Robert,
Sorry for the confusion, the company expects these warrants to be repurchased and the entire transaction to be completed correctly. It was worded as a “cancellation of warrants” in the financial statements in order to be compliant. Simba’s partner Essel Group Middle East (EGME) will be repurchasing those 17 M warrants along with the additional 17 M warrants from the second financing they subscribed to earlier this year.
Simba has positive working capital, have lowered its debt and monthly burn rate and 100% of all exploration expenses are paid for by its Joint Venture partner, Essel Group Middle East (EGME).
There are no financings (private placements) being planned. The Company also has 54 Million warrants outstanding priced at $.10 that if exercised could bring in additional working capital of up to $5.4 Million CAD.
The temporary trading halt has not affected Simba Energy's day to day activities and the Company continues with exploration work and developing all of its world-class Oil and Gas prospects in Africa.
Simba Energy plans on releasing some positive news and other developments regarding the exploration work in Kenya as well as other progress being made with Simba’s other African assets.
Regards,
Mark
Mark Sommer
VP Corporate Communications
Simba Energy Inc.
SMB – TSX Venture
Suite 210-905 West Pender St.
Vancouver, BC V6C-1L6
Canada
#604-629-9647 - Direct
#604-641-4450 - Office
#855-777-4622 - Toll free
www.simbaenergy.ca
From: Rbert XXX[]
Sent: Wednesday, November 30, 2016 11:42 AM
To:
Subject: Simba Warrants
Hello Mark,
Could you please bring more light into why warrants exercise announced in October was cancelled and what source is Simba about to get money for standard operations from?
Is there a private placement in works?
Many thanks,
Kind regards,
Robert XXX
Simba Shareholder
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