This Press Release Replaces the Press Release Issued on March 17, 2022 to Provide a More Accurate Percentage of the Maximum Number of Shares Authorized for Buy-Back
VANCOUVER, BC / ACCESSWIRE / March 21, 2022 / CIBT Education Group Inc. (TSX:MBA)(OTCQX International:MBAIF) ("CIBT") reports that it has received approval from the Toronto Stock Exchange (the "TSX") to commence a normal course issuer bid ("NCIB") to purchase up to 3,423,000 of its common shares, representing approximately 5% of the 68,460,740 common shares which were issued and outstanding as at the close of business on March 16, 2022 (net of shares purchased under the previous NCIB but not yet cancelled), to a maximum aggregate acquisition cost of approximately $3,000,000. The NCIB is being implemented because management believes that purchases under the NCIB constitute a desirable use of its funds on the basis that recent market prices of the common shares do not, and at certain times during the course of the NCIB may not, fully reflect the value of CIBT's business and future business prospects.
CIBT may buy back common shares anytime during the 12-month period beginning on March 21, 2022 and ending on March 20, 2023, or on such earlier date as the Company may complete its purchases pursuant to the NCIB or provides notice of termination. Share purchases under the NCIB will be conducted through the facilities of the TSX and other Canadian marketplaces/alternative trading systems. The actual number of shares purchased, and the timing of any such purchases, will be determined by CIBT in accordance with the rules of the TSX. Any shares purchased under the NCIB will be cancelled.
Subject to prescribed exceptions, CIBT may purchase up to 3,320 common shares per day, representing 25% of the average daily trading volume of 13,283 common shares during the six months ending on February 28, 2022. The exceptions to this limitation include block trade purchases of (1) shares having a purchase price of at least $200,000, (2) at least 5,000 common shares having a purchase price of at least $50,000, or (3) at least 19,924 common shares.
The Company was authorized to purchase up to 3,556,000, common shares under its last normal course issuer bid. During the last 12 months, CIBT has purchased 2,734,500 of its common shares through a normal course issuer bid at a weighted average price per share of $0.70685507. These purchases were effected through the facilities of the TSX and other Canadian marketplaces/alternative market places.
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 45 locations in Canada and abroad. Its education subsidiaries include Sprott Shaw College (established in 1903), Sprott Shaw Language College, Vancouver International College Career Campus 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. In 2021, CIBT provided education and housing services to over 10,000 students through its various subsidiaries.
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 90 schools in Metro Vancouver, serving 1,500 students from 71 countries. The total portfolio and development budget under the GEC® brand exceed $1.5 billion.
CIBT also owns Global Education Alliance Inc. ("GEA") and Irix Design Group Inc. ("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 or | Email: [email protected]
SOURCE: CIBT Education Group Inc.