Vancouver, BC, Aug. 27, 2019 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- CIBT Education Group Inc. (TSX:MBA, OTCQX International: MBAIF) (“CIBT Group”) reports that it has received approval from the Toronto Stock Exchange (the “TSX”) to increase the maximum number of shares that may be purchased under its current normal course issuer bid (“NCIB”), from 2,000,000 to 3,910,000 of its common shares representing approximately 5% of the 78,285,040 common shares which were issued and outstanding as at the close of business on December 6, 2018, to a maximum aggregate acquisition cost of approximately $3,000,000. As of August 16th, 2019, a total of 1,874,000 common shares had been purchased under the current NCIB, and as of August 22nd, 2019, a total of 1,996,500 common shares have been purchased under the current NCIB.
The current NCIB commenced on December 14, 2018 and ends on December 13, 2019, 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 continue to 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 Group in accordance with the rules of the TSX. Any shares purchased under the NCIB will be cancelled.
Subject to prescribed exceptions, CIBT Group may purchase up to 7,715 common shares per day through the facilities of the TSX, representing 25% of the average daily trading volume of 30,860 common shares during the six months ending on November 30, 2018. 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 46,290 common shares.
About CIBT Education Group: CIBT 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 45 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 healthcare, hotel management, language training, and over 150 career, language and vocational programs. CIBT owns Global Education City Holdings Inc. (“Global Education”), an investment holding and development company focused on developing education related real estate such as student hotels, serviced apartments and education centres. Total portfolio and development budget of projects under Global Education’s GEC® brand is in excess of C$1 billion. The various GEC® properties provide accommodations to over 1,500 students and other tenants. CIBT also owns Global Education Alliance (“GEA”) and Irix Design Group ("Irix Design"). GEA recruits international students on behalf of 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.
For more information contact:
Chairman, President & CEO
CIBT Education Group Inc.
Investor Relations Contact: 1-604-871-9909 extension 310 or | Email: firstname.lastname@example.org