/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR OTHER DISSEMINATION
INTO THE U.S.A./
VANCOUVER, May 20, 2011 /CNW/ - CIBT Education Group Inc. (NYSE AMEX: MBA) (TSX: MBA) ("CIBT") CIBT is pleased to report that, subject to stock exchange
approvals, it has negotiated a non-brokered private placement to raise
up to $1 million by the issuance of approximately 3.33 million units at
$0.30 per unit. Each unit will consist of one common share and one
share purchase warrant, and each warrant will entitle the holder to
purchase one common share for a three year period at $0.35 per share.
The financing will be undertaken with several institutional and other
accredited investors, directors and employees of the company. A
finder's fee will be payable in connection with a portion of the
financing. The proceeds of the offering will be used to identify
acquisition opportunities, develop CIBT's business, and for general
working capital purposes.
The shares and warrants to be issued in this private placement have not
been and will not be registered under the Securities Act of 1933, as
amended, or any state securities laws, and may not be offered or sold
in the United States absent registration or applicable exemption from
ON BEHALF OF THE BOARD OF DIRECTORS
Vice-Chairman, President & CEO
Neither the NYSE Amex nor the Toronto Stock Exchange accepts responsibility for the adequacy or
accuracy of this news release.
SOURCE CIBT Education Group Inc.
For further information:
Investor Relations Contact: N. America Toll Free: 1-888-865-0901 Email: email@example.com