ROAD TOWN, TORTOLA, British Virgin Islands, Sept. 18 /CNW/ - CIC Energy
Corp. ("CIC Energy" or the "Company") (TSX:ELC, BSE: CIC Energy) announces
that its Board of Directors has approved, subject to the approval of the
Toronto Stock Exchange, open market share purchases of up to 5 percent of the
common shares outstanding over a one year period, through a normal course
"In light of the good progress being made on our power station project
and the CIC Energy's strong cash position of $95 million to fund expenses, a
share buyback can create value for shareholders at current share price
levels," said Mr. Gregory Kinross, President of CIC Energy.
Under the normal course issuer bid, CIC Energy will be permitted to
purchase up to 2,688,288 of its common shares in the open market, representing
5 percent of the issued and outstanding shares as of September 17, 2008. The
actual number of shares purchased, the timing of the purchases and the
purchase price will be made in accordance with regulatory requirements.
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. For additional
information on CIC Energy and Mmamabula, please visit CIC Energy's website at
www.cicenergy.com or contact:
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: Erica Belling, VP Investor Relations, Tau
Capital Corp., Tel: (416) 361-9636 ext. 243, Email: email@example.com