ROAD TOWN, Tortola, British Virgin Islands, Aug. 18 /CNW/ - CIC Energy
Corp. ("CIC Energy" or the "Company") (TSX:ELC, BSE: CIC Energy) is pleased to
announce the appointment of Bank of China Limited as a mandated lead arranger
("MLA") for a US$500 million Chinese commercial bank facility for the
Mmamabula Energy Project.
This announcement complements the appointment of Absa Capital, a division
of Absa Bank Limited, and The Standard Bank of South Africa Limited as MLAs
for a South African commercial bank facility and the Export Credit Insurance
Corporation of South Africa (Pty) Ltd ("ECIC") portion of the debt financing,
announced in March 2009.
"We are extremely pleased to have Bank of China joining Absa Capital and
Standard Bank as mandated lead arrangers for the Mmamabula Energy Project,"
said Greg Kinross, President of CIC Energy. "The presence of Bank of China in
our arranging group will allow us to access Chinese commercial bank financing,
reflecting the strong support in China and from Bank of China for the
Mmamabula Energy Project, which has been facilitated by our power station
Engineering, Procurement and Construction contractor, Shanghai Electric
Mr. A. Li, the General Manager of the Bank of China Johannesburg Branch
stated that the Bank is pleased to be appointed as a Mandated Lead Arranger
for the Mmamabula Energy Project. He added that the Bank of China is the most
internationalized bank in China with offices situated in all major global
financial centers and continents, and has the ability, experience and
expertise to arrange successful financing for such infrastructural projects.
Mr. Li added that this agreement demonstrates Bank of China's commitment to
Southern Africa and Africa as a whole for the continued support and
development on the continent.
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
is expected to comprise the Mmamabula Energy Project, the Export Coal Project
and a potential Coal-to-Hydrocarbons Project. The Mmamabula Energy Project is
a proposed 1,200 (net) power station and integrated coal mine.
CIC Energy has a treasury of approximately C$55 million and has
52,573,969 million shares outstanding and 55,501,469 shares fully diluted. CIC
Energy is listed on the Toronto Stock Exchange (TSX:ELC) and the Botswana
Stock Exchange (BSE:CIC Energy).
About Bank of China Limited
Bank of China is ranked the third largest bank worldwide based on market
capitalization with total assets of over US$ 1 Trillion. Bank of China is the
most internationalized commercial bank in China with an A1 Moodys' Long term
debt rating. Bank of China's business covers commercial banking, investment
banking and insurance. Bank of China has branches in all major global
financial centers and continents, and has built up its network in 27 countries
and regions. Currently, Bank of China has over 10000 domestic operations and
over 600 overseas operations. Bank of China has received wide recognition from
its peers, customers and authoritative media for the credit and performance it
achieved in past years. It has been awarded "Best Bank in China" and "Best
Domestic Bank in China" by Euromoney for eight times; it has been included in
the Fortune Global 500 for 16 consecutive years; in addition, it was awarded
"Best Domestic Bank in China" by The Asset, awarded "Best Trade Finance Bank
in China" and "Best Foreign Exchange Bank in China" by Global Finance, and
awarded "the Top 10 Product Service Enterprises in China" by Far Eastern
Economic Review; since BOC Hong Kong was restructured and listed in the Hong
Kong stock market, it has been the winner of many significant awards,
including "Best IPO Investor Relation Award" issued by the Investor Relations
Magazine and " Best Transactions" and "Best Privatization Award" issued by
The Bank of China provides a comprehensive range of high-quality
financial services to individual and corporate customers as well as financial
institutions worldwide. For additional information please visit Bank of
China's website at www.boc.cn/en/.
This news release contains certain "forward-looking statements". 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 statements. These
forward-looking statements reflect the current expectations or beliefs of CIC
Energy based on information currently available to CIC Energy. Such
forward-looking statements include, among other things, statements relating to
the arrangement of debt financing for the Mmamabula Energy Project and the
appointment of Bank of China Limited as an MLA. Forward-looking statements are
subject to significant risks and uncertainties and other factors that could
cause the actual results to differ materially from those discussed in the
forward-looking statements, 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, the Company.
Factors that could cause actual results or events to differ materially
from current expectations include, but are not limited to: the ability to
raise the required debt or equity financing for the implementation of the
Mmamabula Energy Project on favourable terms or at all; delays or failures in
entering into other requisite agreements for the development, operation and
financing of the Mmamabula Energy Project, on favourable terms or at all; the
failure of the counterparties to such requisite agreements to comply in all
material respects with the terms and conditions of such agreements; political
risks arising from operating in Africa; or other factors (including the
additional factors described under the heading "Forward-Looking Statements" in
the Company's press release dated July 17, 2009, which is available on the
Company's website at www.cicenergycorp.com and under its profile on SEDAR at
Any forward-looking statement 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 the
forward-looking statements 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.
For further information:
For further information: For additional information on CIC Energy and
the Mmamabula Energy Project, 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: email@example.com