CIBT Education Group Reports C$7M Investment Commitment for GEC Oakridge
CIBT Education Group (TSX:MBA)(OTCQX:MBAIF) announced a $7 million investment commitment for the GEC® Oakridge project, with the first tranche of $3.5 million already closed. The second tranche is expected to close by May 31, 2021. This investment follows $18.33 million in private placements completed in the last 90 days and the acquisition of GEC® Marine Gateway for $48.5 million. CIBT continues to support its business model through these investments and acquisitions.
- Received a $7 million investment commitment for GEC® Oakridge.
- First tranche of $3.5 million closed successfully.
- Recent private placements raised $18.33 million.
- Completed acquisition of GEC® Marine Gateway at a discounted price of $48.5 million.
- None.
VANCOUVER, BC / ACCESSWIRE / December 1, 2020 / CIBT Education Group Inc. (TSX:MBA)(OTCQX:MBAIF) ("CIBT" or the "Company") is pleased to report that an investor has agreed to invest a total of
"We are delighted to have received another
About CIBT Education Group:
CIBT Education Group Inc. is one of the largest education and student housing investment companies in Canada focused on the domestic and the global education market since 1994. CIBT owns business and language colleges, student-centric rental apartments, recruitment centres and corporate offices at 47 locations in Canada and abroad. Its education subsidiaries include Sprott Shaw College (established in 1903), Sprott Shaw Language College, Vancouver International College and CIBT School of Business. CIBT offers over 150 educational programs in healthcare, business management, e-commerce, hotel management, and language training through these schools. The total annual enrollment for the group in 2019 exceeds 12,000 students.
CIBT owns Global Education City Holdings Inc. ("Global Holdings"), an investment holding and development company focused on education-related real-estate such as student-centric rental apartments, hotel and education super-centres. Under the GEC® brand, Global Holdings provides accommodation service to 72 schools in Metro Vancouver, serving 1,500 students from 77 countries. The total portfolio and development budget under the GEC® brand exceeds
CIBT also owns Global Education Alliance ("GEA") and Irix Design Group ("Irix Design").GEA recruits international students for many elite kindergartens, primary and secondary schools, colleges and universities in North America. Irix Design is a leading design and advertising company based in Vancouver, Canada. Visit us online and watch our corporate video at www.cibt.net.
Toby Chu
Chairman, President & CEO
CIBT Education Group, Inc.
Investor Relations Contact:
1-604-871-9909 extension 319
info@cibt.net
FORWARD-LOOKING STATEMENTS
Some statements in this news release contain forward-looking information (the "forward-looking statements") about CIBT Education Group Inc. and its plans. Forward-looking statements are statements that are not historical facts. Forward-looking statements in this news release include (without limitation) the expectation of the completion of the second tranche of the the
SOURCE: CIBT Education Group Inc.
View source version on accesswire.com:
https://www.accesswire.com/619065/CIBT-Education-Group-Reports-C7M-Investment-Commitment-for-GEC-Oakridge
FAQ
What is the investment amount announced by CIBT Education Group for the GEC® Oakridge project?
When is the second tranche of the investment in the GEC® Oakridge project expected to close?
How much was raised in private placements by CIBT in the last 90 days?