Jindal Steel & Power of India Buys CIC Energy

CIC Energy Corp., a Canadian coal mine developer based in the Bahamas, announced that it has entered into a C$116 million binding merger agreement with India-based Jindal Steel & Power Limited and its wholly-owned subsidiary, Jindal (BVI) Ltd. CIC Energy is engaged in the advancement of the Mmamabula energy complex in Botswana, Africa. CIC Energy will merge with Jindal BVI, with Jindal BVI being the surviving entity. Upon completion of the merger, the holders of the outstanding shares of CIC Energy will receive C$2.00 per share.

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