November 2, 2015 / TheNewswire / Vancouver, British Columbia – Simba Energy Inc. (the “Company” or “Simba”) (TSX Venture: SMB) (Frankfurt: GDA) (CQX: SMBZF) is pleased to announce a financing by way of private placement that contemplates issuing up to 42 million units for gross proceeds up to $2,100,000. Each Unit will comprise one (1) common share and one half warrant where each full warrant is exercisable into a common share at a price of $0.075 per share for a period of two years.
In conjunction with the financing, the Company is pleased to announce the appointment of Mr. Gagan Goel as a director of the Company. Mr. Goel is currently Managing Director, Essel Group Middle East, located in Dubai, UAE and will also serve as Vice-Chairman of the Board.
“We are delighted to have Gagen Goel join our Board of Directors and serve as Vice-Chairman” said Robert Dinning, President and CEO.
The Essel Group has recently endeavored to diversify further with investments into the hydrocarbons resource sector and has committed full support to advance Simba’s enviable African O&G portfolio through the exploration and appraisal phases in accordance to each governing PSC by way of Joint Operating Agreements on a per asset basis.
Simba Energy Inc. provides investors very well positioned exposure to oil and gas exploration in key areas of Africa with active onshore PSCs in Kenya and Guinea and PSC’s under continuing negotiation in Chad, Liberia and Ghana. Simba’s premise is to focus on onshore oil and gas potential in areas that are under-developed or not previously exploited.
An updated corporate presentation covering technical & other material and information on Simba’s exploration portfolio and activities in Africa is now available on the company’s website, www.simbaenergy.ca .
ON BEHALF OF THE BOARD
President & CEO
For further information, contact: Mark Sommer at +1-604-629-9647 or Toll Free: 1–855–777–4622, or email@example.com .
This News Release may contain forward-looking statements based on assumptions and judgments of management regarding future events or results that may prove to be inaccurate as a result of exploration and other risk factors beyond its control, and actual results may differ materially from the expected results. Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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Source: TheNewsWire (November 2, 2015 – 8:24 PM EST)