CIBT Signs Agreement with TriView Capital to raise C$95 Million for the next phase of its two Flagship Projects
May 24, 2017
Vancouver, B.C., May 23rd, 2017 – CIBT Education Group Inc. (TSX: MBA, OTCQX International: MBAIF) (“CIBT” or the “Company”) is pleased to announce that it has signed a formal financial advisory agreement with TriView Capital Inc, an Exempt Market Dealer headquartered in Calgary, Alberta, as the lead syndicator to raise approximately $95 million for GEC Education Super Center Limited Partnership and GEC Education Mega Center Limited Partnership in two tranches over the next 18 months. Both Limited Partnerships (the “LPs”) are founded and managed by wholly owned subsidiaries of CIBT.
“We have had great success working with TriView over the years, with over $12 million being raised in private placements for our student-living properties since 2015,” commented Toby Chu, Chairman, President and CEO of CIBT. “With our two flagship projects, GEC Education Super Center and GEC Mega Center underway, TriView Capital will be assisting us in the $95 million raise. Cash proceeds will go directly into the two LPs in which wholly owned subsidiaries of CIBT are the manager and an investor. Since the cash infusion will be raised through the LP’s, CIBT will not be diluting its shareholders.
“We are pleased with the overwhelming response we have received for these two projects, therefore we will be deploying additional CIBT capital to this round,” continued Toby Chu. “By investing our own capital, we aim to drive significant shareholder returns through the value appreciation of these two flagship projects.
“Since 2013, TriView Capital has raised over $300 million for various private equity projects across North America,” commented Craig Burrows, President and CEO of TriView Capital Ltd. “We have been working with CIBT for its various projects since 2015 and have not only achieved great results but had drawn investors to an asset class that is in strong demand. Student housing remains an underserved market across Canada and the Vancouver core specifically. We are delighted to be part of this $95 million round because of the transformative nature of these projects and the opportunity to create value for investors and students studying in Metro Vancouver.”
About TriView Capital Inc.:
TriView Capital Inc. is a registered Exempt Market Dealer (“EMD”) with offices across Western Canada and Ontario that specializes in private and alternative investments. Founded in 2012, TriView Capital is a multiple national award winning EMD that continues to grow in the alternative investment space. With an expanding private equity and alternative investment landscape in Canada, and focused primarily in the real estate sector and yield products, TriView offers investors unique opportunities not offered in the public markets. Triview Capital currently has offices and representatives in the four Western provinces and Ontario. To learn more, visit www.triviewcapital.com.
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 centers and corporate offices at 45 locations in Canada and abroad. Total annual enrollment for the group exceeds 15,000 students. Its education providers include Sprott Shaw College (established in 1903), Sprott Shaw Language College, Sprott Shaw College International, Urban International School (Toronto), Vancouver International College and CIBT School of Business. Through these schools, CIBT offers business and management programs in healthcare, hotel management, language training, Ontario high school diploma and over 150 career, language and vocational programs. CIBT’s property investments are owned by Global Education City Holdings Inc., an investment holding and management company focused on developing education related real estate such as student hotels, serviced apartments and education super centers totalling over $600 million. CIBT also owns Global Education Alliance (“GEA”) and Irix Design Group (“Irix Design”). GEA recruits international students for many elite kindergarten, 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 at www.cibt.net, www.studenthotel.ca and watch our corporate video at http://cibt.net/about/.
President, CEO and Chairman
CIBT Education Group Inc.
Investor Relations Contact: 1-604-871-9909 extension 318 or | Email: email@example.com
Some statements in this news release contain forward-looking information (the “forward-looking statements”) about CIBT Education Group Inc. and its future plans. Forward-looking statements are statements that are not historical facts. The forward-looking statements are subject to various risks, uncertainties and other factors (collectively, “Risks”) that could cause CIBT’s actual results or achievements to differ materially from those expressed in or implied by forward-looking statements. The Risks include, without limitation, the ability to raise equity investment and secure other required funding to acquire the project, usual construction risks, and the ability to obtain all required municipal approvals. Forward-looking statements are based on the beliefs, opinions and expectations of CIBT’s management at the time they are made, and CIBT does not assume any obligation to update its forward-looking statements if those beliefs, opinions or expectations, or other circumstances should change, except as may be required by law.