CIBT Education Group Closes Non-Brokered Private Placement
|July 21st, 2015: CIBT Education Group Inc. (TSX: MBA, OCTQX International: MBAIF) (“CIBT”) is pleased to report that it has closed its previously announced non-brokered private placement (the “Financing”) raising gross proceeds of $1,224,250 by the issuance of 4,897,000 units (each a “Unit”) at a price of $0.25 per Unit. Each Unit consists of one common share and one-half of one common share purchase warrant (each a “Warrant”). Each Warrant entitles the holder thereof to purchase one additional common share of the company at a price of $0.30 per share for a period of 24 months from the closing date.
“We are pleased to see the response to this latest private placement,” commented Toby Chu, President and CEO, Vice Chairman of CIBT Education Group Inc. “In mid-April, CIBT re-initiated its investor relations campaign by conducting a series of road shows and re-introducing the company and its exciting business activities to the investment community. After nearly six years of conducting a very low level of investor relations activities while growing our business, we were excited to learn that there is substantial interest in CIBT’s innovative business model and prudent management approach. Many new investors have purchased our shares from the open market directly as a result of our renewed investor relations campaign, and our share trading volume increased significantly with over 9.78 million shares traded during the past 100 days. CIBT’s trading price has also increased progressively from its 3 month low of $0.22 to the high of $0.34. It is our ongoing intention to maintain a manageable share structure with minimal dilution at each equity raise. We thank our shareholders for their interest and support.”
Finder’s fees were paid in connection with the Financing. All of the securities issued in the Financing are subject to a statutory hold period expiring November 20, 2015. The net proceeds from the Financing will be used by the company for operations and general working capital.
About CIBT Education Group:
CIBT Education Group Inc. is an education management company focused on the global education market since 1994. Listed in Canada on the Toronto Stock Exchange and in the U.S. on the OTCQX International, CIBT owns and operates a network of business, technical and language colleges in North America and Asia. CIBT offers cooperative joint programs in 12 countries with campuses, recruitment offices and training centers enrolling over 7,000 students annually. Its education business is operated through Sprott Shaw College (established in 1903), Acsenda School of Management, CIBT School of Business China, and Global Education Alliance Recruitment Centers in China and other overseas countries. Through these subsidiaries, CIBT offers recognized and approved business and management degrees, programs in college preparation, healthcare, hotel management and tourism, English language training, English Teacher Certifications, junior and high school preparation programs for overseas study, and other career/vocational training. CIBT also owns Irix Design Group, a leading design and advertising company based in Vancouver, Canada, Global Education Alliance (“GEA”) and Global Education City Holdings Inc. (“GEC”). GEA recruits international students for many elite kindergarten, primary, secondary schools and universities in North America. GEC is an investment holding and management company with a special focus on education related real estate projects in Canada. Visit us online at http://www.cibt.net.
For more information contact:
Vice-Chairman, President & CEO
CIBT Education Group Inc.
Investor Relations Contact:1-604-871-9909 extension 318 | Email: email@example.com
|FORWARD LOOKING STATEMENTS:
Some statements in this news release contain forward-looking information (the “forward-looking statements”) about CIBT Group and its future plans. Forward-looking statements are statements that are not historical facts. The forward-looking statements in this news release are subject to various risks, uncertainties and other factors (collectively, “Risks”) that could cause the company’s actual results or achievements to differ materially from those expressed in or implied by forward-looking statements. With respect to the statement in this news release as to the expected number of job openings in B.C. by 2022 in the areas of skilled trades and technical occupations, the Risks include uncertainties as to the actual development of the B.C. economy. Forward-looking statements are based on the beliefs, opinions and expectations of CIBT Group’s management at the time they are made, and CIBT Group does not assume any obligation to update its forward-looking statements if those beliefs, opinions or expectations, or other circumstances should change, except as may be required by law.