Simba Energy Private Placement Oversubscribed to $4.335 Million Due to Demand

Simba Energy Inc. (TSXV:SMB,FWB:GDA,OTCQX:SMBZF) has oversubscribed its non-brokered private placement to $4.335 Million due to increased demand.

As quoted in the press release:

Subject to final approval of the TSX Venture Exchange, up to 54,191,250 units (the “Units”) will be issued at $0.08 per Unit for gross proceeds of $4,335,300. Each Unit will consist of one common share of the Company and one common share purchase warrant (a “Warrant”). Each Warrant will be exercisable into one common share of the Company for a period of 24 months from closing at an exercise price of $0.16 per share.

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