Energy further extends JSW Energy deal CLOSING

 
CIC Energy Corp further extended the closing date for its acquisition by Indian firm JSW Energy Ltd by two and a half months, as the Canadian coal miner attempts to deal with an arbitration notice filed by its partner in a power project in Botswana.
The deal closing, which was earlier extended till March 15, is now extended to May 31, CIC Energy said in a statement.
Last month, CIC's partner in the Mookane Domestic Power Project in Botswana, GCL Botswana, had filed a notice of arbitration over a power purchase and a coal supply agreement, which kept the miner from completing its deal with JSW on Feb 28 as originally scheduled.
The merger agreement between CIC and JSW states that the closing of the deal is conditional on the fact that there should be no outstanding liabilities or obligations between CIC and GCL.
In November, CIC had agreed to a C$422 million, or C$7.42 a share, buyout offer from JSW Energy, a part of the Sajjan Jindal-controlled JSW Group, which also runs JSW Steel.
CIC shares closed at C$5.00 on Tuesday on the Toronto Stock Exchange.