ROAD TOWN, TORTOLA, British Virgin Islands, Sept. 24 /CNW/ - CIC Energy
Corp. ("CIC Energy" or the "Company") (TSX:ELC, BSE: CIC Energy) announces
that the Toronto Stock Exchange ("TSX") has accepted the Company's notice of
its intention to purchase common shares pursuant to CIC Energy's previously
announced normal course issuer bid.
Under this share buyback, CIC Energy will be permitted to purchase up to
2,688,288 of its common shares in the open market over a twelve month period.
This represents 5 percent of the issued and outstanding shares of 53,765,769
as of September 17, 2008. Daily purchases will be limited to 29,814 common
shares, except when block purchases are made. The bid will commence on
September 26, 2008 and end on September 25, 2009. The purchases in the open
market will be made through the facilities of the TSX and conducted at the
market price at the time of acquisition. All shares purchased by the Company
will be subsequently cancelled.
"Our view is that current market prices for our shares do not reflect the
fundamental value of CIC Energy's assets including our large advanced stage
coal resource in one of the best jurisdictions in Africa," said Gregory
Kinross, President of CIC Energy.
CIC Energy has appointed Thomas Weisel Partners to make the purchases on
About CIC Energy Corp.
CIC Energy is a TSX/BSE-listed company engaged in the advancement of the
Mmamabula Energy Complex at its Mmamabula Coal Field in Botswana, Africa. This
planned Complex consists of the Mmamabula Energy Project, the
Coal-to-Hydrocarbons Project and the Export Coal Project. The Mmamabula Energy
Project is envisaged as a power station and integrated coal mine project. The
Coal-to-Hydrocarbons Project is intended to produce syngas from coal which can
be converted to a variety of downstream products, including fuels and
petrochemicals. The planned Export Coal Project is actively investigating ways
to export A grade thermal coal from the Mmamabula Coal Field.
CIC Energy has a treasury of approximately C$95 million.
This news release contains forward-looking information reflecting the
Company's objectives, estimates and expectations. Such forward looking
information contains words such as "may", "intend", "will", "believe" and
other similar terminology of a forward-looking nature. Although management of
the Company believes that the expectations reflected in such forward-looking
information are reasonable, all forward-looking information addresses matters
that involve known and unknown risks, uncertainties and other factors.
Accordingly, there are or will be a number of significant factors which could
cause the Company's actual performance or results to be materially different
from any future performance or results expressed or implied by such
forward-looking information. The forward-looking information contained in this
press release is made as of the date hereof and the Company assumes no
responsibility to update it or to revise it to reflect new events or
circumstances, except as required by law.
For further information:
For further information: on CIC Energy and Mmamabula, please visit CIC
Energy's website at www.cicenergy.com or contact: Erica Belling, VP Investor
Relations, Tau Capital Corp., Tel: (416) 361-9636 ext. 243, Email: