Douala, CAMEROON (PRWEB) November 21, 2012
Cameroon Industrial Development Corporation (CIDC) announced today that it has signed a Special Private Placement Agreement (SPPA) for EURO 16 Million of equity line funding with Equity Partners Fund SPC (EPF). CIDC now seeks to merge/acquire/jv with a listed public company.
CIDC’s business plan is to construct a 35MW Solar Power Plant in the Far North and Littoral regions of Cameroon. CIDC has already signed a Memorandum of Understanding (MoU) with the Government of Cameroon for the implementation of the solar power plant. It is also at the final stages of negotiating a Power Purchase Agreement with Electricity Development Corporation of Cameroon (EDC). Company has indicated to government its intentions to go into hydro power development once the solar plants are completed since Cameroon has a higher hydro potential. A German Thermal Solar company has contacted CIDC for future partnership.
The terms of the SPPA allow CIDC to draw down funding over a three-year period once the company is listed. The SPPA provides that funding is subject to volume limitations and the price at which shares may be subscribed by EPF is 90% of the lowest daily volume weighted average price during the fifteen consecutive trading days selected by CIDC and set forth in a draw down notice sent to EPF. CIDC is able to specify a minimum acceptable price for each draw down period to prevent significant dilution in the market below what the company feels is an acceptable price.
CIDC’s Managing Director, Mr. Manu Disame, said, "This funding agreement with EPF is an integral part of our plan to build the power station as it will speed up development.
I would also like to mention in particular that we appreciate very much the help provided by Alvin Donovan, Managing Director of EPF, who will be helping us to identify listed public companies. We have known Alvin Donovan for some time now and he is a very trusted and respected partner for CIDC. We are now working with EPF and Alvin Donovan for the purpose of finding a listed public company to JV/merge with/acquire.”
ABOUT CAMEROON INDUSTRIAL DEVELOPMENT CORPORATION
CIDC is a Cameroonian company headquartered in Douala. CIDC’s principal business is the production of electricity and water; two critical utilities that are highly in demand in Cameroon for it to transition to an emerging economy. Our focus is on the production of all forms of renewable energy; our goal is to assist the Cameroonian government meet its current energy needs and become a net energy exporter to its neighbors.
Cameroon Industrial Development Corporation seeks to JV/Merge with a listed public company.
About Equity Partners Fund SPC
Equity Partners Fund focuses on equity investments in public companies with market capitalizations under $1 billion, as well as private companies that will be listed on a securities exchange within six months of a funding commitment. The fund will invest in all sectors including infrastructure, manufacturing, construction, mining, communications, healthcare and finance.
Equity Partners Fund spokesperson Bruce Nelson says, “EPF is considered a private fund run by its principals, similar to a merchant bank that invests its own capital. Unlike hedge funds which have significant regulatory burdens exposing their investors to higher risks, Equity Partners Fund is able to act quickly, is more flexible when it comes to structuring an investment and has less regulatory burdens. Equity Partners Fund is not an underwriter and the funding it provides is based on specific terms and conditions, including the price and volume of the company’s shares once the company is publicly listed. Equity Partners Fund does not provide volume, liquidity, investor relations or public relations services.http://www.equitypartnersfund.com