April 15, 2008 - Serebra Learning Corporation (TSX VEN: SLC), a leading e-learning provider, announced today that it has completed its previously announced rights offering. 3,265,328 units of Serebra were subscribed under the offering at a price of $0.30 per unit for proceeds of $979,598.40, resulting in the issuance of 3,265,328 common shares and 3,265,328 warrants.
Each unit is comprised of one common share and one non-transferable share purchase warrant (a "warrant"). Each warrant entitles the holder to purchase an additional common share at an exercise price of $0.50 per share beginning on April 9, 2009 until April 9, 2010.
Pursuant to the standby guarantee agreement between Serebra and Bolder Investment Partners, Ltd. ("Bolder"), Bolder has purchased 268,129 units, being those units available to be purchased under the rights offering but not otherwise subscribed, for additional gross proceeds of $80,438.70, resulting in the issuance of an additional 268,129 common shares and 268,129 warrants.
As consideration for providing the standby guarantee, Bolder received guarantee warrants from Serebra in the form of share purchase warrants, entitling Bolder to acquire up to 875,000 common shares. The guarantee warrants are non-transferable, have an exercise price of $0.30 per common share and will expire March 6, 2009.
The aggregate net proceeds of the rights offering after deducting costs and expenses is approximately $960,037. Serebra will use the net proceeds to continue the marketing of Serebra Connect and for general working capital.
About Serebra Learning Corporation
Serebra Learning Corporation has a 21-year track record using the latest technology to deliver innovative personal and professional development courses to individuals and companies worldwide. Through easyLearning (www.easylearning.org), Serebra helps people in developing nations gain valuable skills and qualifications. Through Serebra Connect (www.serebraconnect.com), Serebra provides easyLearning students, and other qualified individuals, with access to jobs. Shop Serebra Connect (shop.serebraconnect.com) lets Serebra Connect users upgrade their skills and accredit their existing education. For more information about Serebra, visit www.serebra.com or call 800 567-7766.
SEREBRA LEARNING CORPORATION
Ted Moorhouse
Chairman and CEO
Contact
Ted Moorhouse, Chairman and CEO
T 604 676.5480 F 604 676.5490
Toll Free 800 567.7766
E chairman@serebra.com