CIBT Private Placement Over-Subscribed
CIBT School of Business & Technology Corp. (“CIBT”), a subsidiary of Capital Alliance Group Inc. (TSX-V: CPT) and a leading business school in China, is pleased to announce that it has received the majority of the subscription funds for the private placement announced on July 14, 2005. The private placement is scheduled to close this month, subject to receipt of the requisite approval of the TSX Venture Exchange.
The company has received signed share subscription agreements in the amount of USD $1.147 million and to date has received USD $1.065 million with the balance to arrive by August 19 th as part of the terms of the agreement. The CIBT private placement shares are valued at USD $1 per share. As a result of this private placement, CIBT’s total number of shares issued and outstanding will increase to 16.1 million shares.
Capital Alliance Group Inc. currently owns 12.07 million shares of CIBT.
On Behalf of the Board of Directors of CIBT.
President and C.E.O
THE CANADIAN VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS NEWS RELEASE. THIS NEWS RELEASE SHALL NOT CONSTITUTE AN OFFER TO SELL OR THE SOLICITATION OF AN OFFER TO BUY SECURITIES IN ANY JURISDICTION.
“SAFE HARBOR” STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995: THIS NEWS RELEASE CONTAINS FORWARD LOOKING STATEMENTS THAT ARE NOT HISTORICAL FACTS AND ARE SUBJECT TO RISKS AND UNCERTAINTIES WHICH COULD CAUSE ACTUAL RESULTS TO DIFFER MATERIALLY FROM THOSE SET FORTH IN OR IMPLIED HEREIN.