Loyalist Group Limited (TSXV:LOY) entered into a definitive agreement to acquire KIM OKRAN International Studies Center, Inc. for CAD 4.3 million on January 12, 2015. Loyalist will pay CAD 3.7 million in cash, subject to certain closing adjustments, and will issue 1.44 million common shares with 75% of such shares being held in escrow for a period up to 12 months following closing as security for certain defined post-closing adjustments. Loyalist drew CAD 3.1 million from the term loan acquisition facility to purchase Kim Okran International Studies Centre.

Kim Okran had consolidated revenue of CAD 4.7 million and adjusted EBITDA of CAD 0.9 million for the period ended December 2013. The Kim Okran team will make a fine addition to the Loyalist family. The transaction is subject to certain conditions including, but not limited to, the receipt of all necessary approvals, including the approval of the TSX Venture Exchange and the Bank of Korea.

The transaction is expected to complete on or around January 27, 2015.