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CIC Energy Corp. ("CIC Energy" or the "Company")(TSX:ELC, BSE: CIC Energy) today announced the following update on the Mmamabula Energy Project in Botswana, Africa.
Offtaker Review of Power Purchase Agreement Offer
In conjunction with the ongoing negotiations of the power purchase agreement and related documentation for the Mmamabula Energy Project, CIC Energy, on behalf of its Botswana subsidiary Meepong Energy (Proprietary) Limited, submitted an offer to Eskom Holdings Limited ("Eskom") and Botswana Power Corporation ("BPC") in March 2009 (the "Offer").
The Offer was taken through Eskom's formal governance process, culminating in consideration of the Offer at an Eskom board meeting held on June 18, 2009. The Company had expected that a response to the Offer would be received from Eskom soon after this board meeting. However, a response to the Offer has not yet been received. Eskom has informed the Company that the delay in receiving a response is the result of ongoing discussions between Eskom and the Government of South Africa. The Company expects to receive a response to the Offer from Eskom once these discussions have been completed.
As soon as a response has been received from Eskom, CIC Energy will provide a further update, including an update to the anticipated schedule to reach Financial Close, which is no longer expected to be achieved during the third calendar quarter of 2009.
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. The intention is for this planned Complex to consist of the Mmamabula Energy Project, the Export Coal Project and a potential Coal-to-Hydrocarbons Project. The Mmamabula Energy Project is a proposed 1,200 MW (net) power station and integrated coal mine.
CIC Energy has a treasury of approximately C$60 million and has 52,573,969 million shares outstanding. CIC Energy is listed on the Toronto Stock Exchange (TSX:ELC) and the Botswana Stock Exchange (BSE:CIC Energy).
Forward-Looking Statements
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 Mmamabula Energy Project, the status of ongoing negotiations of the power purchase agreement(s) for the Mmamabula Energy Project and the achievement of Financial Close. 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 delay or failure in receiving a favourable response from Eskom in respect of the Offer; further delays or failures in entering into power purchase agreements and/or transmission agreements with Eskom and/or BPC and 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 of March 23, 2009, which is available on the Company's website at www.cicenergycorp.com and under its profile on SEDAR at www.sedar.com).
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 thereof.
SOURCE: CIC Energy Corp.
For additional information on CIC Energy and its projects visit the Company's website at www.cicenergy.com or contact: Erica Belling, CFA, P.Eng. VP Investor Relations, Tau Capital Corp., Tel: (416) 361-9636 x 243, Email: ebelling@taucapital.com
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