Simba Energy Inc. (TSXV:SMB,FWB:GDA,OTCQX:SMBZF) increased its non-brokered private placement to up to 4,118,009 units. The units will be offered at a price of C$0.06 per unit to raise gross proceeds of C$3,247,080.
As quoted in the press release:
The Company plans to use the proceeds of the Private Placement to fund exploration commitments associated with the Company’s Production Sharing Contracts in Kenya and Guinea, retirement of certain debt, and general working capital purposes.
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