(TheNewswire)
January 25, 2019 / TheNewswire / Vancouver, British Columbia - Simba Essel Energy Inc. (the
“Company” or “Simba”) (TSX Venture: SMB) (OTC: SMBZF)
(Frankfurt: GDA), announces that further to its news release dated November 2, 2018, the Company’s principal
regulator, the British Columbia Securities Commission (the “BCSC”) granted a management cease trade order (the “MCTO”) on
November 2, 2018, under National Policy 12-203 Management Cease Trade Orders (“NP 12-203”).
Pursuant to the MCTO, the Chief Executive Officer and the Chief Financial Officer may not trade
in securities of the Company until such time as the Company files its annual audited financial statements for the year
ended June 30, 2018, management’s discussion and analysis and related certifications on or before December 31, 2018 (collectively
the “Required Documents”) and the Executive Director of the BCSC revokes the MCTO. The MCTO does not affect the ability
of shareholders to trade their securities.
The Company’s Board of Directors and management confirm that they are working expeditiously to file the
Required Documents and confirm that since the Company’s news release dated November 2, 2018, there is no other material
information respecting the Company’s affairs that has not been generally disclosed. The Company’s interim financial statements
for the quarter ending September 30, 2018, management’s discussion and analysis and related certifications, which were due to be
filed by November 29, 2018, will follow the filing of its required annual financial statements and Management Discussion and
Analysis for the year ending June 30, 2018.
On December 31, 2018, the BCSC granted the Company an extension until January 31, 2019 to file the Required
Documents.
Until the Required Documents have been filed, the Company intends to continue to satisfy the provisions of
the alternative information guidelines specified in NP 12-203 by issuing bi-weekly default status reports in the form of
further press releases for so long as the Company remains in default of the financial statement filing
requirement.
On behalf of the Board of Directors,
SIMBA ESSEL ENERGY INC
“Punkaj Gupta”
Punkaj Gupta
Chief Executive Officer
THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT THE RESPONSIBILITY FOR THE ADEQUACY OR
ACCURACY OF THIS NEWS RELEASE.
This press release contains certain forward looking statements which involve known and unknown risks, delays
and uncertainties not under the Company’s control which may cause actual results, performances or achievements of the Company to be
materially different from the results, performances or expectations implied by these forward looking statements. This news
release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United
States.
Copyright (c) 2019 TheNewswire - All rights reserved.