Simba Closes Private Placement

Simba has now closed its private placement. The Company issued a total of 31,222,357 units at $0.07 per unit for total gross proceeds of $2,185,565. Each unit consists of one common share and one transferable share purchase warrant, each warrant exercisable into one additional common share until May 31, 2012, a price of $0.15 per share.

The Company paid/issued the following in finder's fees in respect of the placement:

  • Cash payments totaling $19,619;
  • 280,280 non-transferable share purchase warrants, each warrant exercisable into one common share of the Company at a price of $0.15 per share until May 31, 2012;
  • 1,240,000 non-transferable share purchase warrants, each warrant exercisable into one common share of the Company at a price of $0.10 per share until May 31, 2012.

All securities issued under the placement are subject to hold periods expiring on October 1, 2010.

Proceeds of the placement will be used for general working capital.

"The completion of this private placement is a significant move forward," said Simba CEO and President Robert Dinning. "The Company once again is showing the market that with our name change and the refocus that has come with our new management team in place, Simba Energy is pursuing an aggressive path to building shareholder value through the execution of our African targeted strategic focus."

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