ROAD TOWN, Tortola, British Virgin Islands, Sept. 5, 2012 /CNW/ - CIC
Energy Corp. ("CIC Energy" or the "Company") (TSX:ELC, BSE:CIC Energy)
announces the completion of the acquisition of CIC Energy by Jindal
Steel & Power (Mauritius) Limited ("Jindal"), a wholly owned subsidiary
of Jindal Steel & Power Limited ("JSPL").
The acquisition was completed pursuant to the merger of CIC Energy and
Jindal BVI, Jindal's wholly-owned subsidiary, whereby Jindal BVI is the
surviving entity (the "Merger").
The holders of the shares of CIC Energy outstanding immediately prior to
completion of the Merger are entitled to receive cash consideration of
CDN$2.00 per share in accordance with the terms of the merger agreement
dated July 23, 2012 among CIC Energy, Jindal and Jindal BVI. In order
to receive such consideration, non-registered shareholders are not required to take any action as their broker or named intermediary
should deposit the payment into their account. Registered shareholders
must return completed letters of transmittal and their CIC Energy share
certificates to Equity Financial Trust Company in accordance with the
instructions set out in the letter of transmittal that was mailed to
shareholders together with CIC Energy's information circular dated
July 24, 2012, in connection with the Company's special meeting of
shareholders held on August 27th to consider the Merger. Additional copies of the letters of transmittal
are available under CIC Energy's profile on SEDAR at www.sedar.com.
CIC Energy's common shares are expected to be formally delisted from the
TSX and the Botswana Stock Exchange three business days following the
filing of certain final documentation with the TSX.
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.
About Jindal Steel & Power Limited
JSPL is one of India's major steel producers with a significant presence
in the mining, power generation and infrastructure sectors.
With annual revenue of over US$3.5 billion, JSPL is a part of the US$15
billion diversified O.P. Jindal Group and is consistently tapping new
opportunities by increasing production capacity, diversifying
investments, and leveraging its core capabilities to venture into new
businesses. The company has committed to future investments which
exceed US$30 billion.
For more information visit www.jindalsteelpower.com.
SOURCE: CIC Energy Corp.
For further information:
Erica Belling, CFA, P.Eng.
VP Investor Relations
Tau Capital Corp.
Tel: (416) 361-9636 ext. 243