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
reflects a 44% premium to the closing price of CIC Energy’s common shares on March 26, 2012. Following completion of the private placement, Vitol holds 9.1% of the issued common shares of the Company. In connection with the private placement, CIC Energy has granted Vitol pre-emptive rights to maintain its proportionate shareholding interest in the Company and certain anti-dilution rights for a maximum of 12 months, in each case,
subject to the approval of the TSX.

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
license 2009/IR). This area is expected to ultimately support the production of 20 million sales tonnes per year of an export quality coal, assuming a railway and logistics solution is found to transport the coal to a port with coal export facilities.

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
their respective sub Saharan coal trading businesses. The Matola Coal Terminal provides access to international markets for the export of
coal. The Mozambique Ports and Railways (known as “CFM”), which oversees the railway system of Mozambique and its connected ports, and Transnet SOC Limited

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
into the future,” said Greg Kinross, President of CIC Energy. “Furthermore, Vitol’s ownership interest in the Matola Coal Terminal in Mozambique and their experience in and logistics is strategically attractive to us, especially given the positive developments we are seeing in South Africa by Transnet to increase export rail capacity from the Waterberg coal field, which is contiguous with and adjoins the Mmamabula Coal Field on the Botswana side of the border.

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