CIBT Education Group Inc. (hereinafter referred to as “CIBT” or “Fenghua International”) (TSX code: MBA, OTCQX International Edition: MBAIF) is pleased to announce that the International Education City (Richmond) ) II Limited Partnership has completed the second phase of the project’s equity financing of $15 million Canadian dollars. As the eighth project of the International Education City®, this project was described in the news on March 21, 2018 and April 3, 2018. As of today, the International Education City (Richmond) project has completed financing of $45 million Canadian dollars and is expected to complete the financing balance of $35 million Canadian dollars in three phases from July to December this year. The total financing scale of the project is estimated to be $80 million Canadian dollars.
As of today, Fenghua International has earned $9 million Canadian dollars in project construction fees from the project, and is expected to earn another $7 million Canadian dollars in construction fees in the coming months of 2018. These expenses will be used by Fenghua International to acquire at least 20% of the shares in the International Education City® (Richmond) project.