Mar 28, 2012
Company Announcement: CIC Energy Announces Investment By Vitol As A Strategic PartnerBack
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CIC Energy Corp. is pleased to announce it has completed a private placement with Vitol Energy Ltd. a member of the Vitol Group of companies (the “Vitol Group”) for a total of 5,263,158 common shares at a price of CDN$1.90 each for gross proceeds of CDN$10 million. This price
In addition, an agreement has also been entered into whereby CIC Energy will utilize Vitol’s extensive coal marketing expertise. The terms of this agreement give the Vitol Group the right to market 60% of any future export coal produced from the area in the Mmamabula Coal Field in Botswana covered by prospecting license 11/2004 (excluding the remainder of the area held by CIC Energy, being the area covered by retention
The Vitol Group is the largest independent energy trader in the world and is in the business of extracting, buying, selling, transporting and shipping products such as coal, gasoline, diesel, LPG, LNG, fuel oil, naphtha, ethanol, and biofuels. Its business extends to the ownership and operation of producing assets, terminals and seaborne vessels. The Vitol Group, with six regional centres and 23 additional offices around the world earned revenues of US$297 billion in 2011.
In January 2012, the Vitol Group announced the acquisition of a 35% interest in the company which holds the concession for the de Carvão da Matola Terminal (the “Matola Coal Terminal”) at Maputo from Grindrod Limited (”Grindrod”), the Johannesburg Stock Exchange listed integrated logistics services supplier. In addition, Vitol and Grindrod announced that they will enter into a partnership (65% Vitol / 35% Grindrod) to combine
Transnet, South Africa’s national rail carrier, have announced investment plans intended to promote the delivery of cargo by rail to the Matola Coal Terminal, and the Vitol Group and Grindrod have announced that that they would conduct a feasibility study for an expansion of capacity at the Matola Coal Terminal by 20 million tons per year. “This financing strengthens our ability to continue development of our key projects well
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