SOURCE: Serebra Learning Corporation

January 11, 2008 09:45 ET

Serebra Announces Rights Offering

VANCOUVER, BC--(Marketwire - January 11, 2008) - Serebra Learning Corporation (TSX-V: SLC), a leading e-learning provider, today announced that it will be filing with applicable securities regulatory authorities in Canada and the TSX Venture Exchange relevant materials to commence an offering of units (the "Units") by way of a rights offering. Subject to regulatory approval, Serebra intends to issue to each shareholder in permitted jurisdictions other than the United States, as of a record date to be announced, one right for each common share held by such shareholder. Four rights will entitle the holder to acquire one Unit at a price of $0.30 per Unit for maximum proceeds to Serebra of $1,060,037.

Each Unit will be comprised of one common share and one non-transferable share purchase warrant (a "Warrant"). Each Warrant will entitle the holder to purchase an additional common share at an exercise price of $0.50 per share for a period of 24 months following the issuance of the Warrants, provided however that the Warrants cannot be exercised within the first 12 months of this 24 month term.

The setting of a record date and the commencement of the rights offering are subject to the approval of regulatory authorities. The rights, the common shares underlying the Units and the common shares issuable on the exercise of the Warrants will be listed on the TSX Venture Exchange. The rights will be listed for trading on the TSX Venture Exchange for a period of 21 days from the record date, at which time they will be halted from trading.

As consideration for providing a standby guarantee, Bolder Investment Partners, Ltd. is entitled to receive guarantee warrants from Serebra in the form of non-transferable 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 twelve months after issue.

The estimated net proceeds of the rights offering, assuming full exercise of the rights and after deducting expenses of the rights offering estimated at $100,000, will be approximately $960,037. The net proceeds to Serebra from the offering will be used to accelerate the marketing of Serebra Connect and for general working capital. A rights offering circular containing full details of the terms of the rights offering will be mailed to shareholders after regulatory approval has been obtained.

ON BEHALF OF THE BOARD OF DIRECTORS

SEREBRA LEARNING CORPORATION

Ted Moorhouse
Chairman & CEO

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 (http://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.

The TSX Venture Exchange Inc. has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

  • For further information, or to schedule interviews, please contact:

    Ted Moorhouse
    Chairman & CEO
    Serebra Learning Corporation

    Telephone: 604-676-5480
    Facsimile: 604-676-5490
    Toll Free: 1-800-567-7766
    Email: Email Contact