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CIBT and Subsidiary Limited Partnership Close $12 Million in Financings
CIBT and Subsidiary Limited Partnership Close $12 Million in Financings Canada New...
About this update from Global Education Communities Corp
[{"type":"text","content":"\n\n\n\nCIBT and Subsidiary Limited Partnership Close $12 Million in Financings\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prngen2{\nBORDER-TOP:black 0pt; BORDER-RIGHT:black 0pt; VERTICAL-ALIGN: TOP; BORDER-BOTTOM:black 0pt; TEXT-ALIGN: LEFT; PADDING-LEFT:0.50em; BORDER-LEFT:black 0pt; PADDING-RIGHT:0.50em\n}\n.prnsbt0{\nBORDER-TOP:0pt\n}\n.prnsbr0{\nBORDER-RIGHT:0pt\n}\n.prnbcc{\nBORDER-COLLAPSE: COLLAPSE\n}\n.prnsbl0{\nBORDER-LEFT:0pt\n}\n.prnsbb0{\nBORDER-BOTTOM:0pt\n}\n\n\n\n\n\n\n\nCanada NewsWire\nVANCOUVER, June 4, 2019\n\n\n\nVANCOUVER, June 4, 2019 /CNW/ - CIBT Education Group Inc. (\"CIBT\" or the \"Company\") (TSX: MBA, OTCQX International: MBAIF) is pleased to provide the following corporate finance updates on the Company and Global Education City (Richmond) Limited Partnership:\na)\nCIBT has closed two tranches of its private placement of convertible debentures announced on May 1, 2019, raising aggregate cash proceeds of approximately C$8.2 million; and\nb)\nGlobal Education City (Richmond) Limited Partnership has raised cash proceeds of approximately C$3.806 million in private placement equity subscriptions which have closed in May\n \nAll subscribers are either institutional investors, family trusts or accredited investors from Canada and abroad.\nThe convertible debentures issued by CIBT will, unless extended in accordance with the provisions thereof, mature 24 months after issuance and will carry an annual coupon of 8-9%. The outstanding principal sum will be convertible into common shares before the maturity date at a conversion price based on the 30-day VWAP (volume weighted average price) calculated on the trading day prior to the issuance of the debentures, plus a premium of 20 – 25%.  The conversion price of the debentures in the current private placement thus far are exercisable at the CAD equivalent of between approximately C$0.78 - C$0.81 per share.  The convertible debentures and the common shares into which they may be converted are subject to a four-month hold period starting from the date of issuance of the debentures.\nT...