Vancouver, British Columbia--(Newsfile Corp. - March 9, 2020) - CIBT Education Group Inc. (TSX: MBA) (OTCQX: 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 3,000,000 of its common shares, representing approximately 4.024% of the 74,543,540 common shares which were issued and outstanding as at the close of business on March 6, 2020, 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 12, 2020 and ending on March 11, 2021, 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 2,371 common shares per day, representing 25% of the average daily trading volume of 21,989 common shares during the six months ending on February 28, 2020. 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 14,229 common shares.
The Company was authorized to purchase up to 3,914,000 common shares under its last normal course issuer bid. During the last 12 months, CIBT has purchased 2,174,000 of its common shares through a normal course issuer bid at a weighted average price per share of $0.63. These purchases were effected through the facilities of the TSX and other Canadian marketplaces/alternative marketplaces. The Company has recently cancelled 1,991,500 common shares purchased through its previous NCIB that had not yet been cancelled.
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. The 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. The total portfolio and development budget of projects under Global Education's GEC® brand is over 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: email@example.com
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