CIC Energy Corp., the BVI-domiciled company engaged in the exploration, development and operation of two coal properties in the Mmamabula Coalfields in Botswana, Southern Africa, announced the update on the Mmamabula Energy Project, which contained the following information:
In conjunction with the ongoing negotiations of the power purchase agreement and related documentation for the Mmamabula Energy Project, CIC Energy submitted an offer to Eskom Holdings Limited and Botswana Power Corporation in March 2009. 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 response of the Eskom which had been expected has not yet been received by the BVI company. Eskom has informed that the delay in receiving a response is the result of discussions between Eskom and the Government of South Africa.
Upon receiving the response 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.