Simba announced an increase of its non-brokered private placement.
Pursuant to a news release dated April 14, 2010 the Company announced, subject to the approval of the TSX Venture Exchange, a private placement of up to 14,285,715 units at $0.07 per unit ("Units") for total gross proceeds of up to $1,000,000. Each Unit consists of one common share and one transferable share purchase warrant, each warrant exercisable into an additional common share for a period of two years at a price of $0.15 per share. The private placement has been increased up to 28 million Units for gross proceeds of $1,960,000. The Company has received all subscriptions and intends to file and seek approval from the TSX Venture Exchange immediately.
The proceeds of the placement will be used for general working capital.
Finder's fees may be payable in whole or part on the private placement in accordance with the policies of the TSX Venture Exchange.
Simba Energy President and CEO Robert Dinning commented, "The Company is pleased to see the level of market enthusiasm in being a part of this private placement. With our refocused and aggressive targeted strategy being received so positively by the market, the new management team at Simba Energy is looking forward to utilizing our treasury in order to build maximum shareholder value."
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