CIC Energy Corp. Reports Second Quarter 2012 Financial Results
12.07.2012 | CNW
ROAD TOWN, Tortola, British Virgin Islands, July 12, 2012 /CNW/ - CIC Energy Corp. ("CIC Energy" or the "Company") (TSX:ELC, BSE: CIC Energy) reported a net loss for the three month period ended May 31, 2012 of $2,320,378 or $0.04 per share (basic and diluted), compared to a net loss of $9,220,278 or $0.17 per share (basic and diluted) for the same period last year.The net loss for the six month period ended May 31, 2012 was $3,776,768 or $0.06 per share (basic and diluted) compared to a loss of $14,644,613 or $0.28 per share (basic and diluted) for the same period last year.
The year over year change in net loss for the second quarter and for the six month period of 2012 is primarily due to employee costs and office and general expenses.
Capital expenditure on exploration properties as at May 31, 2012 amounted to $166,685,511, with capitalized exploration costs for the first six months of 2012 totaling $1,863,306.
Consolidated Interim Financial Statements for the three and six months ended May 31, 2012, along with the Company's Management's Discussion and Analysis ("MD&A"), have been filed on SEDAR and are available at www.sedar.com.
About CIC Energy Corp.
CIC Energy Corp. is engaged in the advancement of the Mmamabula Energy Complex at the Mmamabula Coal Field in Botswana, Africa. This planned Complex consists of an Export Coal Project, one or more Power Projects, and a potential Coal-to-Hydrocarbons Project.
For further information:
Erica Belling, CFA, P.Eng.
VP Investor Relations
Tau Capital Corp.
Tel: (416) 361-9636 x 243
Email: ebelling@taucapital.com
www.cicenergy.com