Simba Energy has announced it has completed a non-brokered private placement involving the sale of up to 15,000,000 units at a price of Cdn$0.03 per Share.
Each unit will consist of one common share and one-half of a non-transferable common share purchase warrant, with each full warrant exercisable for a period of two years from the closing date at a price of $0.05 per share, to raise gross proceeds of up to Cdn$450,000.
Net proceeds from the Private Placement will be used towards funding and exploration commitments associated with the Company’s Production Sharing Contracts, payment of certain trade payables, and for general working capital purposes.
In its Kenyan Block 2A license Simba is preparing to acquire 300 to 400 kilometers of 2D seismic in the Mandera and Anza targeting two (the M1 and M3 prospects ) of the five prospects identified by the high resolution Gravity Gradiometry completed in August last year.
Last estimates by Sproule Worldwide Petroleum Consultants last placed Block estimates 445.3MMboe.