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CIC Energy Completes CDN$73 Million Bought Deal Financing

Friday, August 24th, 2007

CIC Energy Corp. has closed the bought deal private placement, previously announced by the Company on August 8, 2007.
The syndicate of underwriters led by Westwind Partners Inc. and including Canaccord Capital Corp., Salman Partners Inc., and Desjardins Securities Inc., exercised their option to purchase an additional 1,405,084 common shares, resulting in CIC Energy issuing a total of 4,505,084 common shares at CDN$16.25 per common share, for gross proceeds of CDN$73,207,615.
“With the two financings completed this month for a total of CDN$88 million, CIC Energy is advancing toward Financial Close for the Mmamabula Energy Project,” stated Mr. Greg Kinross, President and CEO of CIC Energy. “We plan to reach a major milestone towards year end with the selection of the preferred engineering, procurement and construction contractor and the signing of a preliminary agreement with the contractor along with the payment of a deposit.”
Combined with the CDN$15 million non-brokered private placement announced on August 8, 2007 the total funds raised by the Company this month amount to CDN$88 million. None of these funds have been invested in asset-backed commercial paper.
The Company plans to use the net proceeds of these financings for the payments that will be required before Financial Close for engineering, procurement and construction (“EPC”) contracts and the development of the Mmamabula Energy Project.

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