Business
CIBT to raise up to approximately C$10 million through issuance of convertible debentures
CIBT to raise up to approximately C$10 million through issuance of convertible debentures ...
About this update from Global Education Communities Corp
[{"type":"text","content":"\n\n\n\nCIBT to raise up to approximately C$10 million through issuance of convertible debentures\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, May 1, 2019\n\n\n\nVANCOUVER, May 1, 2019 /CNW/ - CIBT Education Group Inc. (\"CIBT\" or the \"Company\") (TSX: MBA, OTCQX International: MBAIF) reports that it plans to raise up to approximately C$10 million through a private placement of convertible debentures. The debentures will mature 24 months after issuance (unless extended in accordance with the provisions thereof) 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, currently anticipated to be approximately $0.76-$0.80 per share, which will be determined 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%.\nThis private placement, which is subject to receipt of TSX approval, is expected to close in tranches. Capital is being raised for the purposes of increasing CIBT's ownership stake in the existing real estate limited partnership projects for general working capital and for expenses relating to the proposed dual listing of the Company's shares in Asia.  No representation can be given that the dual listing will be achieved.\nAbout CIBT Education Group:\nCIBT Education Group Inc. is one of the largest education and student housing investment companies in Canada focused on the global education market since 1994. Listed on the Toronto Stock Exchange and U.S OTCQX International, CIBT owns business and language colleges, student housing properties, recruitment centres and corporate offices at 43 locations in Canada and abroad. Total annual enrollment for the group exceeds 12,000 students.  Its education providers include Sprott Shaw College (established in 1903), Sprott Shaw Language College, Vancouver International College and CIBT School of Business. Through these schools, CIBT offers business and management programs in ...