In This Article:
VANCOUVER, BC / ACCESSWIRE / August 27, 2024 / Global Education Communities Corp ("GECC" or the "Company") (TSX:GEC)(OTCQX International:GECSF) is pleased to report that the Company intends to raise, through a non-brokered private placement, approximately $2,000,000 through the issuance of debentures (the "Financing"). Each debenture will mature one year after the date of issuance, unless extended by GECC for a second year, and will bear interest at 10% per annum calculated and payable quarterly in arrears. The principal sum of the debentures will be convertible into common shares of GECC at a price of $0.30 in the first year and, if applicable, $0.36 per share in the second year.
The Financing is subject to TSX approval. Finder's fee may be payable in connection with certain subscriptions.
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.