EGME Exercises Warrants to Retire Simba Debt

Essel Group Middle East (EGME) announced Wednesday that it has exercised 17,000,000 warrants of Simba Energy Inc. at $0.075 per share for total proceeds of $1,275,000. Proceeds will be used to retire remaining debt in Simba and for working capital purposes.

As a result of the exercise of warrants, EGME has increased its holdings to 21.3 percent. EGME also holds an additional 16,957,485 warrants at $0.075 and has stated that it intends to exercise these warrants in the near future to further strengthen the working capital of Simba. The holdings of EGME will increase to 24.49 percent once the additional 16,957,485 warrants are exercised.

“Essel Group Middle East is pleased to exercise the warrants issued as part of the May 31, 2016 financing in order to provide additional working capital and to assist in retiring outstanding debt in Simba,” said Punkaj Gupta, CEO of EGME and CEO of Simba.

EGME is continuing work on the seismic program in Block 2A in Kenya. Both companies anticipate a heavy workload over the next year as they continue to advance and finalize oil and gas concessions in other jurisdictions.



Have a news tip? Share it with Rigzone!
Email news@rigzone.com

WHAT DO YOU THINK?

Click on the button below to add a comment.
Post a Comment
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.

Events  SUBSCRIBE TO OUR NEWSLETTER

Our Privacy Pledge
SUBSCRIBE

More from this Author
Rigzone Staff
e-mail us at news@rigzone.com
 -  Aberdeen Firm to Hire More Staff in 20... (Mar 30)
 -  CGG, KGOC Teams to Work Together on In... (Mar 30)
 -  Aker Solutions Reduces Total Headcount... (Mar 30)
 -  First Workers Complete New Industry Tr... (Mar 29)
 -  Mexico, UK Strengthen Ties with 5-Day ... (Mar 29)


Most Popular Articles
From the Career Center
Jobs that may interest you
Tax Specialist Required for Global Service Company in Houston
Expertise: Accounting
Location: Houston, TX
 
Administrator / Office Supervisor
Expertise: Accounting
Location: Sugar Land
 
Production Planner
Expertise: Planner / Scheduler|Project Controls
Location: Panama City, FL
 
search for more jobs

Brent Crude Oil : $52.42/BBL 2.12%
Light Crude Oil : $49.51/BBL 2.35%
Natural Gas : $3.17/MMBtu 2.25%
Updated in last 24 hours