CIBT Education Group Inc. Reports Normal Course Issuer Bid

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[{"type":"text","content":"CIBT Education Group Inc. Reports Normal Course Issuer BidVANCOUVER, BC / ACCESSWIRE / March 17 2023 / CIBT Education Group Inc. (TSX:MBA)(OTCQX:MBAIF) (\"CIBT\") reports that it has received approval from the Toronto Stock Exchange (the \"TSX\") to commence a normal course issuer bid (\"NCIB\") to purchase up to 3,374,877 of its common shares, representing approximately 5% of the 67,497,540 common shares which were issued and outstanding as at the close of business on March 10, 2023 (net of shares purchased under the previous NCIB but not yet cancelled), to a maximum aggregate acquisition cost of approximately $2,000,000. The NCIB is being implemented because management believes that purchases under the NCIB constitute a desirable use of its funds on the basis that recent market prices of the common shares do not, and at certain times during the course of the NCIB may not, fully reflect the value of CIBT's business and future business prospects.CIBT may buy back common shares anytime during the 12-month period beginning on March 22, 2023 and ending on March 21, 2024, or on such earlier date as the Company may complete its purchases pursuant to the NCIB or provides notice of termination. Share purchases under the NCIB will be conducted through the facilities of the TSX and other Canadian marketplaces/alternative trading systems. The actual number of shares purchased, and the timing of any such purchases, will be determined by CIBT in accordance with the rules of the TSX. Any shares purchased under the NCIB will be cancelled.Subject to prescribed exceptions, CIBT may purchase up to 1,259 common shares per day, representing 25% of the average daily trading volume of 5,036 common shares during the six months ending on February 28, 2023. The exceptions to this limitation include block trade purchases of (1) shares having a purchase price of at least $200,000, (2) at least 5,000 common shares having a purchase price of at least $50,000, or (3) at least 20 board lots of common shares and a total of at least 7,554 common shares.The Company was authorized to purchase up to 3,423,000, common shares under its last normal course issuer bid. During the last 12 months, CIBT has purchased 963,200 of its common shares through a normal course issuer bid at a weighted average price per share of $0.5819. These purchases were effected through the ...

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