Offering sells common shares at C$1.90 each to Vitol Energy (Bermuda)
By Devika Patel
Knoxville, Tenn., March 27 - CIC Energy Corp. said it settled a C$10 million private placement of stock with Vitol Energy (Bermuda) Ltd.
The company sold 5,263,158 common shares at C$1.90 apiece. The price per share is a 79.25% premium to the March 26 closing share price of C$1.06.
Proceeds will be used for general corporate purposes.
"This financing strengthens our ability to continue development of our key projects well into the future," president Greg Kinross said in a press release.
CIC is a coal company based in Nassau, Bahamas. Its registered office is in Road Town, Tortola, British Virgin Islands.
| Issuer: | CIC Energy Corp.
|
| Issue: | Common shares
|
| Amount: | C$10 million
|
| Shares: | 5,263,158
|
| Price: | C$1.90
|
| Warrants: | No
|
| Investor: | Vitol Energy (Bermuda) Ltd.
|
| Settlement date: | March 27
|
| Stock symbol: | Toronto: ELC
|
| Stock price: | C$1.06 at close March 26
|
| Market capitalization: | C$50.69 million
|
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