Global Education Communities Corp. Reports Second Tranche Closing of Non-Brokered Private Placement
Vancouver, B.C., September 27, 2024 – Global Education Communities Corp (“GECC” or the “Company”) (TSX: GEC) is pleased to report that it has today closed the second and final tranche of the non-brokered private placement of convertible debentures announced on August 27, 2024 (the “Financing”). Total gross proceeds of $1,505,000 were raised in the Financing, $100,000 of which was raised in the second tranche. The debentures and any common shares issued upon conversion of the debentures issued in the second tranche are subject to a hold period expiring January 27, 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, focusing on the domestic and global education markets since 1994. In fiscal 2024, GECC serviced over 12,500 domestic and international students through its education, rental housing, and recruitment subsidiaries. GECC operates business and language colleges, student-centric rental apartments, recruitment centers, 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, CIBT School of Business & Technology Corp. GECC offers more than 150 educational programs in fields such as Healthcare, Business Management, E-commerce, Cybersecurity, Hotel Management, Emergency Paramedic Training and Language Training.
GECC owns Global Education City Holdings Inc. (GECH), an investment holding and development company specializing in education-related real estate, including student-centric rental apartments and education super-centers. In fiscal 2024, GECH managed nine projects, comprising 14 buildings in operation and various stages of development under the GEC® brand in Metro Vancouver. GECH provided accommodation services to 95 partner schools, serving students from across Canada and 79 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: Specializes in recruiting international students for elite kindergartens, primary and secondary schools, colleges, and universities in North America. IRIX: A leading design and advertising agency 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