LONDON (Alliance News) - CIC Capital Ltd Tuesday said HSBC Holdings PLC has completed its account opening procedures in Hong Kong, and the company will seek, as previously announced, all monies it is due to be deposited into that account.
In a statement, the consulting and advisory company, which operates primarily in the mining and energy infrastructure sectors, said it will seek two payments of GBP675,000 from the Balfour Fund and the Jarada Fund to CIC Fuels Ltd. It will also seek USD1.3 million from the Balfour Fund and USD675,000 from the Jarada Fund to CIC Gold Ltd.
"Both funds have advised the company, they will wait until the company advises the outcome of any Nomad appointment. Further as good faith, Balfour Fund has advanced GBP150,000 each for CIC Fuels and CIC Gold total being GBP300,000 as a further good faith payment," CIC Capital said in a statement.
The company currently doesn't have a nominated adviser.
CIC Capital said CIC Gold is progressing its public listing, having appointed two new independent directors to its board in a move designed to reflect the independence of the company from CIC Capital.
By Samuel Agini; samagini@alliancenews.com; @samuelagini
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