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CIBT Provides Update on Global Education City Richmond
CIBT Provides Update on Global Education City Richmond Canada NewsWire VANCOUVER...
About this update from Global Education Communities Corp
[{"type":"text","content":"\n\n\n\nCIBT Provides Update on Global Education City Richmond\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\n\n\n\n\n\n\nCanada NewsWire\nVANCOUVER, April 3, 2019\n\n\n\nVANCOUVER, April 3, 2019 /CNW/ - CIBT Education Group Inc. (TSX: MBA, OTCQX International: MBAIF) (\"CIBT\" or the \"Company\") is pleased to report that deposit requirements for the Global Education City® project in Richmond, BC (\"GEC Richmond\" or the \"Project\") have been completed by Global Education City (Richmond) Limited Partnership (the \"LP\"). A total of $60 million has been paid since February 2018.  \nAn overview of the Project follows:\nMarch 2018:  The LP signed a Purchase and Development Agreement (the \"PDA\")  to purchase one office tower and two rental apartments from a Vancouver developer for $218 million, or $230 million including FFE (furniture, fixture and equipment). At the time of signing the PDA, the Project purchase price was estimated at $60 million below market value. In exchange for the discounted purchase price, the PDA committed the LP to paying a $65 million deposit, of which $30 million was payable within 30 days of signing the PDA and the remaining $35 million within nine months of signing. The full news release is available at www.cibt.net under News Release. April 2018: The LP had completed the phase two equity raise of $15 million bringing the total equity raised by the LP to $45 million.   November 2018: GEC Richmond had received the development permit, design panel approval and final reading. December 2018: Excavation and site preparation for the Project began and construction of the show home was completed. January 2019: The LP acquiring the Project reached an agreement with the developer to relinquish one of the two proposed rental apartments to the developer. The amended purchase price is $109 million, reduced from $218 million, approximately $32 million below market value bringing the total estimated discounted value received on the Pr...