December 28, 2018 /TheNewswire/ Vancouver, British Columbia - Simba Essel Energy Inc. (the "Company" or "Simba") (TSX Venture: SMB) (OTC: SMBZF) (Frankfurt: GDA), announces that further to its news release dated November 2, 2018, the Company's principal regulator, the British Columbia Securities Commission (the "BCSC") granted a management cease trade order (the "MCTO") on November 2, 2018, under National Policy 12-203 Management Cease Trade Orders ("NP 12-203").
Pursuant to the MCTO, the Chief Executive Officer and the Chief Financial Officer may not trade in securities of the Company until such time as the Company files its annual audited financial statements for the year ended June 30, 2018, management's discussion and analysis and related certifications on or before December 31, 2018 (collectively the "Required Documents") and the Executive Director of the BCSC revokes the MCTO. The MCTO does not affect the ability of shareholders to trade their securities.
The Company's Board of Directors and management confirm that they are working expeditiously to file the Required Documents and confirm that since the Company's news release dated November 2, 2018, there is no other material information respecting the Company's affairs that has not been generally disclosed. The Company's interim financial statements for the quarter ending September 30, 2018, management's discussion and analysis and related certifications, which were due to be filed by November 29, 2018, will follow the filing of its required annual financial statements and Management Discussion and Analysis for the year ending June 30, 2018.
Until the Required Documents have been filed, the Company intends to continue to satisfy the provisions of the alternative information guidelines specified in NP 12-203 by issuing bi-weekly default status reports in the form of further press releases for so long as the Company remains in default of the financial statement filing requirement.
On behalf of the Board of Directors,
SIMBA ESSEL ENERGY INC
Chief Executive Officer
THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT THE RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS NEWS RELEASE.
This press release contains certain forward looking statements which involve known and unknown risks, delays and uncertainties not under the Company's control which may cause actual results, performances or achievements of the Company to be materially different from the results, performances or expectations implied by these forward looking statements. This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States.