It issued 43mln units, comprising one common share and a half share warrant, priced at 5 cents each. Whole warrants are exercisable at 7.5 cents for a two year period.
The Africa focussed exploration junior plans to use the injection of funds to retire debt and for general working capital purposes.
Simba also highlighted that managing director Hassan Hassan had met with elders and community leaders in Wajir, Kenya, where all parties have come to an understanding regarding allocation of work and services matters on Simba’s Block 2A.
It comes as a seismic exploration programme is being advanced.
"We are pleased with the co-operation being extended to the Company by the local communities. We are keen to complete our work in the field in a respectful and thoughtful manner," said Punkaj Gupta, Simba chief executive.
The company noted that surveying work was completed on June 12, and in the subsequent ten days seismic lines would be cut. Simba and its partner, Essel Group Middle East, expect to have completed the 2D Seismic Data Acquisition and Processing program in the next 60 days.
It is then anticipated that later in the year the partners will be in a position to target final locations for drilling.