pcNewsWire – Cloud Nine Education Group Ltd. (CSE: CNI) has completed second tranche of its previously announced non-brokered private placement, raising $176,008 through the issuance of 1,257,200 units at $0.14 per unit. Proceeds will be used to meet customer demand for a young learner version of its ESL curriculum and for general working capital.
Press Release
Cloud Nine Closes Second Tranche of Private Placement
Vancouver, British Columbia–(Newsfile Corp. – May 8, 2017) – Cloud Nine Education Group Ltd. (CSE: CNI) (the “Company” or “Cloud Nine”) is pleased to announce that it has closed the second tranche of its previously announced non-brokered private placement. The Company issued 1,257,200 units at $0.14 per unit for gross proceeds of $176,008.
The Company intends to use the proceeds from the private placement to meet customer demand for a young learner version of its ESL curriculum and for general working capital.
Company CEO, Michael Hunter, expanded on the reasons for the financing stating, “This financing will help Cloud Nine to protect our shareholders’ investment and position the Company to meet our corporate objective of becoming cash flow positive in 2017.
Closing of subsequent tranches of the private placement are subject to all necessary regulatory and stock exchange approvals. All securities issued in connection with the private placement will be subject to a four-month hold period from the date of issue under applicable Canadian securities laws, in addition to such other restrictions as may apply under applicable securities laws of jurisdictions outside Canada.
About Cloud Nine
Cloud Nine is a Canadian company specializing in the development and sale of its proprietary, cutting-edge Cloud Nine ESL Program. The curriculum is technologically advanced and meets the needs of today’s increasingly mobile student. Tablets replace textbooks and the course content includes instructional videos and internet links which learners use to supplement in-class studies.
The licensing fee model employed by the Company provides a competitive alternative to the costs that students have traditionally been forced to endure for printed materials, which are often outdated by time students purchase them. The Company also owns and operates Cloud Nine College, an accredited ESL school located in Vancouver.
For more information regarding Cloud Nine, please contact:
Michael Hunter
President and Chief Executive Officer
Telephone: +1.604.377.5572
mhunter@c9eg.com
