VANCOUVER, BC / ACCESSWIRE / February 12, 2021 / CIBT Education Group Inc. (TSX:MBA)(OTCQX:MBAIF) ("CIBT") reports that it has received approval from Toronto Stock Exchange ("TSX") to increase the maximum number of shares that may be purchased under its current normal course issuer bid (the "Current NCIB"), from 3,000,000 to 3,727,177 common shares representing 5% of the 74,543,540 common shares that 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. As of February 8, 2021, a total of 2,979,500 common shares have been purchased under the Current NCIB.
The Current NCIB commenced on March 12, 2020 and ends on March 11, 2021, or on such earlier date on which the Company completes its purchases pursuant to the Current NCIB. Share purchases under the Current NCIB will continue to be conducted through 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 TSX rules. Any of the additional shares purchased under the Current NCIB will be cancelled.
Subject to prescribed exceptions, CIBT may purchase up to 2,371 common shares per day through TSX, representing 25% of the average daily trading volume of 9,486 common shares during the six months ended 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.
About CIBT Education Group:
CIBT 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 46 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 2020, CIBT serviced over 11,000 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 72 schools in Metro Vancouver, serving 1,500 students from 77 countries. The total portfolio and development budget under the GEC® brand exceed $1.5 billion.
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.
Chairman, President & CEO
CIBT Education Group Inc.
SOURCE: CIBT Education Group Inc.
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