The Board of Directors of Shumba Energy Ltd (“the “Company”) wishes to inform all shareholders that following the approval by the requisite majority of shareholders of the resolution for the waiver of pre-emptive rights at the Annual General Meeting of shareholders, held on 22 December 2016, the Company has raised BWP17.96 million (approximately USD1.7 million) through the issuance of common shares via private placement. This new capital will be utilized by the Company to fund working capital requirements.
The Private Placement consisted of 15,351,709 common shares of the Company (“Shares”) at a price of BWP 1.17 each, the prevailing market price per Share on the Botswana Stock Exchange (“BSE”).
These new Shares will be admitted for listing by BSE and the Stock Exchange of Mauritius Limited, following completion of regulatory approval processes.
By order of the Board
International Financial Services Limited
7 March 2017
This Communiqué is issued pursuant to Section 87 of the Securities Act 2005, Rule 5 of the Securities (Disclosure Obligation of Reporting Issuers) Rules 2007 and DEM Rule 21.
The Board of Directors of the Company accepts full responsibility for the accuracy of the information contained in this Communiqué.