Global Education Communities Corp. Reports First Tranche Closing of Non-Brokered Private Placement

Rhea-AI Summary

Global Education Communities Corp (GECC) has closed the first tranche of its non-brokered private placement, initially announced on August 27, 2024. The company has raised gross proceeds of $1,405,000 through the issuance of convertible debentures. These debentures, along with any common shares issued upon their conversion, are subject to a hold period ending January 4, 2025. The financing is still pending final approval from the Toronto Stock Exchange. GECC, traded as GEC on TSX and GECSF on OTCQX International, aims to strengthen its financial position through this private placement.

Positive

• Raised $1,405,000 in gross proceeds through convertible debentures
• Successfully closed first tranche of non-brokered private placement

Negative

• Financing still subject to final approval from Toronto Stock Exchange
• Potential dilution for existing shareholders upon conversion of debentures

VANCOUVER, BC / ACCESSWIRE / September 3, 2024 / Global Education Communities Corp ("GECC" or the "Company") (TSX:GEC)(OTCQX International:GECSF) is pleased to report that it has closed the first tranche of the non-brokered private placement announced on August 27, 2024 (the "Financing"), raising gross proceeds of $1,405,000 through the issuance of convertible debentures. The debentures and any common shares issued upon conversion of the debentures issued in the first tranche are subject to a hold period expiring January 4, 2025. The Financing remains subject to final approval of the Toronto Stock Exchange.

About GECC:

GECC is one of Canada's largest education and student housing investment companies focused on the domestic and global education market since 1994. GECC operates business and language colleges, student-centric rental apartments, recruitment centres and corporate offices at 40 locations in Canada and abroad. Its education subsidiaries include Sprott Shaw College Corp. (established in 1903), Sprott Shaw Language College, Vancouver International College, and CIBT School of Business & Technology Corp. GECC offers over 150 educational programs in healthcare, business management, e-commerce, cyber-security, hotel management, emergency paramedic, and language training through these schools. In fiscal 2023, GECC serviced over 14,277 domestic and international students through its educational, rental housing and recruitment subsidiaries.

GECC owns Global Education City Holdings Inc. ("GECH"), an investment holding and development company focused on education-related real estate, such as student-centric rental apartments and education super-centres. In fiscal 2023, GECH held ten projects comprising 15 buildings in different stages of development and operations under the GEC® brand in Metro Vancouver and provided accommodation services to 92 partner schools serving 3,200 students from 71 countries. The total portfolio and development budget under the GEC® brand exceeds $1.3 billion.

GECC also owns Global Education Alliance Inc. ("GEA") and Irix Design Group Inc. ("IRIX"). GEA recruits international students for elite kindergartens, primary and secondary schools, colleges and universities in North America. Irix is a leading design and advertising company based in Vancouver, Canada. Visit us online and watch our corporate video at www.GEChq.com.

For more information, contact:

Toby Chu
Chairman, President & CEO
Global Education Communities Corp.

Investor Relations Contact: 1-604-871-9909 extension 319 or | Email: info@GEChq.com

SOURCE: Global Education Communities Corp.

View the original press release on accesswire.com

FAQ

How much did Global Education Communities Corp (GECSF) raise in the first tranche of its private placement?

Global Education Communities Corp (GECSF) raised gross proceeds of $1,405,000 in the first tranche of its non-brokered private placement through the issuance of convertible debentures.

When does the hold period for the convertible debentures issued by GECSF expire?

The hold period for the convertible debentures and any common shares issued upon conversion expires on January 4, 2025.

What is the current status of GECSF's private placement financing?

GECSF has closed the first tranche of its non-brokered private placement, but the financing remains subject to final approval from the Toronto Stock Exchange.

When was the private placement initially announced by Global Education Communities Corp (GECSF)?

Global Education Communities Corp (GECSF) initially announced the non-brokered private placement on August 27, 2024.