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Article: International Business Schools Inc. Signs Letter of Intent to Receive US$27 Million Investment
- Article from:
- PR Newswire
- Article date:
- January 22, 1998
CopyrightCOPYRIGHT 1998 PR Newswire Association LLC. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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TORONTO, Jan. 22 /CNW-PRN/ - International Business Schools Inc. (Nasdaq: IBSDF), based in Toronto, Canada, and The Education Investment Corporation Limited (``Educor''), based in Johannesburg, South Africa (JSE: EDC), jointly announce today the signing of a Letter of Intent whereby Educor shall acquire 5.4 million newly issued shares of International Business Schools at a price of US$5.00 per share or, in the aggregate, US$27 million. Based on the currently outstanding common shares, the purchase will result in Educor having a 68% interest in International Business Schools (50% on a fully diluted basis). Pursuant to the Letter of Intent, Educor has subscribed for an ...