ROAD TOWN, Tortola, British Virgin Islands, April 16 /CNW/ - CIC Energy Corp. ("CIC Energy") (TSX:ELC, BSE:CIC Energy) today announces the appointments of Mr. Michael Movsas and Mr. Robert Gumede to the Company's board of directors.
Mr. Gumede is the founder and Chairman of the Guma Group of companies ("Guma"), a multi-billion rand group mainly domiciled in South Africa. Since Guma was founded in 1995, it has grown to hold investments and operating businesses in a wide variety of sectors including Information Technology, Smartcard manufacturing. energy, mining resources, real estate, tourism & hospitality, infrastructure development and construction. It operates across the African continent as wells as in Canada and Australia (through GijimaAST), and in the United Kingdom. Mr. Gumede is also the Chairman of GijimaAST, a JSE-listed information technology company. He obtained a bachelor of law degree from the University of Zululand.
Mr. Movsas is Chief Executive Officer of The New Reclamation Group (Proprietary) Limited and Reclamation Holdings (Proprietary) Limited, the leading producer of recycled metal products in Southern Africa. Mr. Movsas has extensive experience in the international metal trading business, having held senior positions in Australia, Hong Kong and Japan. He has a bachelor of commerce degree from the University of Natal.
CIC Energy also announces that Sandra Cowan and Mendi Msimang have resigned as directors to pursue other opportunities.
"I would like to welcome Robert and Michael to the board, both of whom bring extensive international business experience from their careers developing successful enterprises in South Africa and around the world," said Warren Newfield, Chairman of CIC Energy. "On behalf of the entire board, I would like to extend our thanks to Sandra and Mendi for their contributions to the board and wish them each the best in their future endeavors."
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 the Mmamabula Energy Project, the Mookane Domestic Power Project, the Export Coal Project and a potential Coal-to-Hydrocarbons Project.
CIC Energy has a treasury of approximately C$34 million and has 52,573,969 million shares outstanding and 57,441,469 shares fully diluted (prior to the pending issuance of the warrants under the warrant agreement also announced today). CIC Energy is listed on the Toronto Stock Exchange (TSX:ELC) and the Botswana Stock Exchange (BSE:CIC Energy).
SOURCE CIC Energy Corp.
For further information: For further information: on CIC Energy and its projects visit the Company's website at www.cicenergy.com or contact: Erica Belling, CFA, P.Eng., VP Investor Relations, Tau Capital Corp., Tel: (416) 361-9636 x 243, Email: firstname.lastname@example.org