CIBT Education Group Closes First Tranche of Non-Brokered Private Placement
November 4th, 2009: CIBT Education Group Inc. (NYSE Amex & TSXV symbol: MBA) is pleased to report that it has closed the first tranche of the Canadian non-brokered private placement reported in the company’s news release of October 27, 2009. Under the first tranche closing, the company has raised $2.1 million by the issuance of 3 million common shares (without share purchase warrants) at a price of $0.70 per share. The company has incurred finder’s fees consisting of a cash commission of $105,000 and finder’s warrants, exercisable for one year, entitling the holder to purchase 210,000 common shares at a price of $0.70. The securities issued in the first tranche closing are subject to a hold period expiring on March 4, 2010.
CIBT Education Group Inc.
Vice-Chairman, President & CEO
Investor Relations Contact: Ed Cheung N. America Toll Free: 1-888-865-0901 extension 318 * Email: email@example.com
Legal Notice Regarding Forward-Looking Statements: “Forward-looking Statements” as defined in the Private Securities Litigation Reform Act of 1995 may be required in this news release. These statements relate to future events or CIBT’s future financial performance. These statements are only predictions and may differ materially from actual future results or events. CIBT disclaims any intention or obligation to revise any forward-looking statements whether as a result of new information, future developments or otherwise. There are important risk factors that could cause actual results to differ from those contained in forward-looking statements, including, but not limited to risks associated with changes in general economic and business conditions, actions of CIBT’s competitors, the extent to which CIBT is able to develop new services and markets for their services, the time and expense involved in such development activities, the level of demand and market acceptance of their services and changes in our business strategies.
The TSX Venture Exchange and the NYSE Alternext US have not reviewed and do 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.