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Road Town, Tortola, British Virgin Islands (February 8, 2007): CIC Energy Corp. (“CIC” or the “Company”) (TSX:ELC, BSE: CIC Energy) is pleased to announce that it has entered into an agreement with a syndicate of underwriters led by Westwind Partners Inc. (the “Underwriters”) which have agreed to purchase, on a bought deal private placement basis, 1,666,667 common shares of the Company at a price of CDN$15.00 per share, for aggregate gross proceeds of approximately CDN$25,000,000. The Underwriters will have the option to purchase up to an additional 533,333 common shares at the issue price for a period of up to 48 hours prior to closing for additional gross proceeds of up to CDN$8,000,000. The Company plans to use the net proceeds of this financing for general corporate purposes.
The offering is scheduled to close on or about February 23, 2007 and is subject to certain conditions including, but not limited to, the receipt of all necessary approvals including the approval of the Toronto Stock Exchange.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any State in which such offer, solicitation or sale would be unlawful. The securities have not been registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements.
For additional information on CIC please visit the Company’s website at www.cicenergycorp.com or contact:
Fiona Childe, Ph.D., P.Geo.
VP Corporate Communications
Tau Capital Corp.
Tel: (416) 361-9636 x 227
Email: fchilde@taucapital.com
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