By Devika Patel
Knoxville, Tenn., Jan. 10 - CIBT Education Group Inc. raised C$2.4 million in the final tranche of a non-brokered private placement of units on Jan. 7, for a total offering of about C$7.62 million. The deal priced for C$7 million on Nov. 13, and the company raised C$5.21 million in the first tranche on Nov. 28.
In this tranche, the company sold 1,265,042 units of one share and one half-share warrant for C$1.90 apiece. Each whole warrant is exercisable at C$2.25 for two years.
CIBT sold 2,743,447 units in the first tranche and 4,008,489 units total.
Expiry of the warrants may be accelerated to 30 days if CIBT's shares trade at or above C$3.38 for 120 consecutive trading days.
Part of the first tranche was placed through Canaccord Capital Corp., and the rest was non-brokered.
CIBT paid Blackmont Capital Inc. a C$20,000 cash commission and a two-year finder's warrant for 22,500 common shares exercisable at C$1.90 in the first year and C$2.25 thereafter.
CIBT, formerly known as Capital Alliance Group Inc., is an education management company with headquarters in Vancouver, B.C.
| Issuer: | CIBT Education Group Inc.
|
| Issue: | Units of one share and one half-share warrant
|
| Amount: | C$7,616,129
|
| Units: | 4,008,489
|
| Price: | C$1.90
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$2.25
|
| Agent: | Canaccord Capital Corp. for brokered portion; non-brokered for remainder
|
| Fees: | C$20,000 in cash, warrant for 22,500 shares
|
| Pricing date: | Nov. 13
|
| Settlement date: | Nov. 28 (for C$5,212,549), Jan. 7 (for C$2,403,580)
|
| Stock symbol: | TSX Venture: CPT
|
| Stock price: | C$2.00 at close Nov. 13
|
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