ROAD TOWN, Tortola, British Virgin Islands, July 12, 2012 /CNW/ - CIC
Energy Corp. ("CIC Energy" or the "Company") (TSX:ELC, BSE: CIC Energy)
reported a net loss for the three month period ended May 31, 2012 of
$2,320,378 or $0.04 per share (basic and diluted), compared to a net
loss of $9,220,278 or $0.17 per share (basic and diluted) for the same
period last year.
The net loss for the six month period ended May 31, 2012 was $3,776,768
or $0.06 per share (basic and diluted) compared to a loss of
$14,644,613 or $0.28 per share (basic and diluted) for the same period
The year over year change in net loss for the second quarter and for the
six month period of 2012 is primarily due to employee costs and office
and general expenses.
Capital expenditure on exploration properties as at May 31, 2012
amounted to $166,685,511, with capitalized exploration costs for the
first six months of 2012 totaling $1,863,306.
Consolidated Interim Financial Statements for the three and six months
ended May 31, 2012, along with the Company's Management's Discussion
and Analysis ("MD&A"), have been filed on SEDAR and are available at www.sedar.com.
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.
SOURCE CIC Energy Corp.
For further information:
Erica Belling, CFA, P.Eng.
VP Investor Relations
Tau Capital Corp.
Tel: (416) 361-9636 x 243