Posted on :Thursday , 19th November 2015

Simba Energy, a Canadian oil and gas exploration firm, has announced plans to raise Sh214 million ($2.1 million) to fund exploration work in Mandera.

In its latest update, Simba Energy says it will raise the money through a private placement share offer that will see it sell 42 million shares at Sh7.65 ($0.075) each.

“The company is pleased to announce a financing by way of private placement that contemplates issuing up to 42 million units for gross proceeds of up to $2.1 million,” said Robert Dinning, Simba’s president and chief executive officer in a statement.

In addition to the financing plans, Simba has also appointed Gagan Goel, currently managing director of Dubai-based Essel Group as its director and vice-chairman.

The Canadian company plans to enter into a joint operating agreement with the Essel Group to advance its exploration operations in Africa, especially in the exploration and appraisal