ROAD TOWN, Tortola, British Virgin Islands, July 18, 2012 /CNW/ - In
response to news articles regarding discussions between CIC Energy
Corp. ("CIC Energy" or the "Company") (TSX:ELC, BSE:CIC Energy) and
Jindal Steel & Power, CIC Energy confirmed today that it is currently
in advanced negotiations with Jindal Steel & Power (Mauritius) Limited
("Jindal"), a wholly owned subsidiary of Jindal Steel and Power Limited
("JSPL"), regarding the possible acquisition of the Company at an
indicative price of CDN$2.00 per share.
While negotiations are ongoing, a binding agreement has not yet been
signed. Therefore there can be no assurance that any transaction will
result from these discussions, or as to the timing, structure or terms
of any transaction. Investors should therefore exercise caution in
trading in CIC Energy shares.
The Company's policy is to not comment on market rumours or speculation.
However, in light of the content of the articles and resulting
speculation, the Company determined to announce and confirm its
discussions with Jindal at this time. The Company does not intend to
comment further until negotiations are complete or the situation
JSPL is listed on the National Stock Exchange and the Bombay Stock
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.
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 possible acquisition of
the Company by Jindal and the indicative price. 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, the failure
of the Company to successfully conclude negotiations and agree to terms
for a transaction (including with respect to price or value), and other
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