Canada-listed coal exploration company CIC Energy Corp. (BVI) announced its financial results for the three and six months periods of 2009. For the second quarter ended May 31, 2009, the BVI company reported net loss of $2.12 million or $0.04 per share (basic and diluted). The narrowed loss for the period, if compared to $2.61 million, or $0.05 per share (basic and diluted), loss for the same period of 2008, is explained by a reduced stock-based compensation and higher than usual gain in currency exchange.
The net loss for the six month period ended May 31, 2009 was $1.85 million or $0.04 per share (basic and diluted), compared to $4.09 million loss for the same period last year. Capital expenditure on exploration properties amounted to $142,407,000 for the last two quarters, capitalized exploration costs totaling $17,523,000.
CIC Energy is at development stage now, it has not starter operations and did not report revenue for the quarter. Company’s main project is the development of the Mmamabula Energy Complex in Botswana.