Funds used for school acquisitions, general working capital purposes
By Devika Patel
Knoxville, Tenn., June 18 – CIBT Education Group Inc. said it has arranged a C$2 million non-brokered private placement of units.
The company will sell 8 million units of one common share and a half-share warrant at C$0.25 per unit.
Each whole warrant will be exercisable at C$0.30 for two years. The strike price reflects an 11.11% premium to the June 17 closing share price of C$0.27.
Proceeds will be used for school acquisitions, to increase CIBT’s stake in its education real estate projects and for general working capital purposes.
The provider of educational programs and services is based in Vancouver, B.C.
| Issuer: | CIBT Education Group Inc.
|
| Issue: | Units of one common share and a half-share warrant
|
| Amount: | C$2 million
|
| Units: | 8 million
|
| Price: | C$0.25
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.30
|
| Agent: | Non-brokered
|
| Pricing date: | June 18
|
| Stock symbol: | Toronto: MBA
|
| Stock price: | C$0.27 at close June 17
|
| Market capitalization: | C$17.24 million
|
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