Monthly Archives: March 2009

BVI-registered CIC Energy reports financial results for the year

CIC Energy Corp., BVI registered and TSX-listed company engaged in the exploration, development and operation of coal properties located in the Mmamabula Coalfields in South Africa, on February 27 announced financial results for the year ended November 30, 2008. The company reported a loss in the amount of $8,299,056 or $0.15 per share(basic or diluted), which is less if compared to  the loss of $12,485,479 or $0.26 per share (basic and diluted), for the period ended November 30, 2007.

The reported loss for the year 2008 is attributable to the fact that the BVI company includes a development stage enterprise which has not yet commenced operations.

Capitalized project costs amount to $126,957,790, with project costs for the year ended November 30, 2008 totaling $35,540,647.