ROAD TOWN, TORTOLA, British Virgin Islands, July 31, 2012 /CNW/ - CIC
Energy Corp. ("CIC Energy" or the "Company") (TSX:ELC, BSE:CIC Energy)
is pleased to announce that the Company has received documentation from
the Government of Botswana in relation to the status of Prospecting
Licence PL 11/2004, the status of Retention Licence RL 2009 1/R and the
status of certain Grants of Water Rights, all of which are held by
subsidiaries of CIC Energy in Botswana.
The receipt of such documentation satisfies certain of the conditions
precedent under the merger agreement (the "Merger Agreement") with
Jindal Steel & Power (Mauritius) Limited ("Jindal"), a wholly owned
subsidiary of Jindal Steel and Power Limited ("JSPL"), and Jindal (BVI)
Ltd. ("Jindal BVI"), a wholly-owned subsidiary of Jindal.
The completion of the merger between CIC Energy and Jindal BVI under the
Merger Agreement is expected to close on or before October 9, 2012 and
remains subject to the satisfaction of certain other conditions,
including, but not limited to, approval of shareholders, receipt of all
requisite regulatory approvals in Botswana and the absence of any
material adverse changes respecting the Company.
The special meeting of CIC Energy shareholders will take place on Monday
August 27, 2012. A Notice of Meeting and Management Information
Circular is expected to be mailed to shareholders on Thursday August 2,
Laurel Hill Advisory Group ("Laurel Hill") has been retained by Jindal
to assist with the solicitation of proxies. Shareholders may contact
Laurel Hill if they have any questions or require assistance in voting
their proxy. The toll-free telephone number in North America is 1-877-304-0211. Outside North America please dial 1-416-304-0211 or by email at email@example.com.
The Merger Agreement is available under CIC Energy's SEDAR profile at www.sedar.com, and the materials related to the August 27 shareholder meeting are
expected to be available on August 2, 2012.
About CIC Energy Corp.
CIC Energy Corp. is engaged in the advancement of the Mmamabula Energy
Complex at the Mmamabula Coal Field in Botswana, Africa. This planned
Complex consists of an Export Coal Project, one or more Power Projects,
and a potential Coal-to-Hydrocarbons Project.
CIC Energy has a treasury of approximately CDN$14.3 million and has
58,012,127 shares outstanding and 76,804,075 shares fully diluted
including 13,061,448 warrants which have not vested. CIC Energy is listed on the Toronto
Stock Exchange (TSX:ELC) and the Botswana Stock Exchange (BSE:CIC
This news release contains certain "forward-looking information". All
statements, other than statements of historical fact, that address
activities, events or developments that CIC Energy believes, expects or
anticipates will or may occur in the future are forward looking
information. Such forward looking information reflects the current
expectations or beliefs of CIC Energy based on information currently
available to CIC Energy. Such forward-looking information includes,
among other things, statements regarding the timing of the merger.
Forward-looking information is subject to significant risks and
uncertainties and other factors that could cause the actual results to
differ materially from those discussed in forward-looking information,
and even if such actual results are realized or substantially realized,
there can be no assurance that they will have the expected consequences
to, or effects on, CIC Energy or its shareholders.
Factors that could cause actual results or events to differ materially
from current expectations include, but are not limited to, alternative
transactions involving third parties which may result in the
termination of the Merger Agreement and/or the terms of the Merger
Agreement being changed, the failure of the parties to satisfy the
conditions precedent to the completion of the merger (including, but
not limited to, the failure to obtain approval of shareholders or any
required governmental or regulatory approvals and the occurrence of a
material adverse change respecting the Company), and other factors.
Forward-looking information speaks only as of the date on which it is
made and, except as may be required by applicable securities laws, CIC
Energy disclaims any intent or obligation to update any forward-looking
statement, whether as a result of new information, future events or
results or otherwise. Although CIC Energy believes that the
assumptions inherent in forward-looking information are reasonable,
forward-looking statements are not guarantees of future performance and
accordingly, undue reliance should not be put on such statements due to
the inherent uncertainty therein.
SOURCE: CIC Energy Corp.
For further information:
Erica Belling, CFA, P.Eng.
VP Investor Relations
Tau Capital Corp.
Tel: (416) 361-9636 x 243