KGIC Inc LGLTF

RE:RE:RE:CIBT called the loan

[Bigswede]

Can anyone honestly explain how KGIC got from here News Release October 17, 2016 KGIC Inc. Announces Proposed $9.725M Loan Facility V.LRN | October 17, 2016 TORONTO, ONTARIO--(Marketwired - Oct. 17, 2016) - KGIC Inc. ("KGIC" or the "Company") (TSX VENTURE:LRN) is pleased to announce that it has received a firm commitment from a third party lender for a proposed secured loan in the aggregate amount of up to $9.725 million (the "Loan"). Funding of the Loan is conditional on the Company completing its previously announced capital restructuring and debt settlement plan (which is more fully described in the news release of the Company dated September 26, 2016) on or before October 31, 2016 (the "Debt Settlement Plan"). Read more at https://www.stockhouse.com/news/press-releases/2016/10/17/kgic-inc-announces-proposed-9-725m-loan-facility#CWWxDfQljUxgJJI2.99 to this: CIBT buys $12-million debt, closes $2-million placement 2017-01-25 20:37 ET - News Release Mr. Toby Chu reports CIBT REPORTS PURCHASE OF SENIOR SECURED DEBT, COMPLETION OF PRIVATE PLACEMENT & SUSPENSION OF SHARE BUY-BACK A subsidiary of CIBT Education Group Inc. has completed a debt assignment agreement to purchase from a Canadian bank approximately $12.3-million of secured debt for $3.1-million. The debt is owed to the bank by a group of colleges with 19 locations operating in British Columbia and Ontario. As a result of the debt assignment, the CIBT subsidiary replaces the bank as the debtor's senior secured creditor. Read more at https://www.stockhouse.com/companies/bullboard?symbol=v.lrn&postid=25766148#hw38ruzRyWoxjC1w.99 A third party lender committed to a $9,725,000 loan and approximately three months later Mr. Toby Chu or CIBT for less than one third of this amount 3.1 million apparently buys KIGC a publicly traded company lock, stock and barrel.