OTTAWA, Feb. 13, 2018 (GLOBE NEWSWIRE) — betterU Education Corp. (TSX-V:BTRU) (FRANKFURT:5OGA), (the “Corporation” or “betterU”), is pleased to announced that on February 1st, 2018 Treasure Union Limited (“TU”) and the Corporation executed a definitive agreement (the “Definitive Agreement”). The Definitive Agreement solidifies the terms and conditions required to complete the final details for the US$100M equity investment in betterU, previously announced on November 3rd, 2017, November 24th, 2017 and January 16th 2018.
The Corporation would also like to provide an update on the timing for the delivery of funds and issuance of shares.
The Definitive Agreement includes several conditions precedent that are required to complete prior to closing. These include:
- TU to Establish Cayman Island Fund. TU is establishing the fund to support the investment into betterU (the “Fund”). TU has confirmed that the name of the Fund will be ‘Cayman Island DGS Holdings’. They have also confirmed that the bankers of DGS Holdings will be HSBC. TU has further stated that it is expected that the process to establish the Fund will be completed by the end of February, early March 2018;
- TUCapital. TU indicated that the Fund will establish several additional subsidiary companies to support their investment targeted companies, including betterU. A new corporation (“TUCapital”) will be incorporated by the Fund and will hold the shares of betterU.
- Execution of Subscription Agreement. Once incorporated, TUCapital will execute a subscription agreement for 33,333,333 shares at US$3.00/share of betterU. Mr. Kenny Ho, currently the CFO of TU and the lead representative between the overseas investment group and betterU, will be appointed as the Chairman of TUCapital along with Mr. George Mueck as the President and CEO. Mr. Mueck is a Canadian businessman having worked closely with Mr.Ho for many years overseas as well as for several decades with Tony Keenan, betterU’s Chairman. Both individuals will have the authority to enter into the Subscription Agreement. This is expected to be completed by mid-March 2018;
Funds are expected to be available for issuing from the Fund to TUCapital between March 15th and the 31st and shortly afterwards to betterU. Only a date range for receipt of funds has been provided by TU to betterU. TU continues to manage the process between the Corporation and the Investor and does not have direct control over the funds until TUCapital has been established.
betterU continues to be optimistic in the closing timeframe of this equity investment deal and continues to advance its efforts in the hiring of key global leaders, office expansion, infrastructure set-up and much more to support their growth projections post funding.
The consummation of any financing, as contemplated, remains subject to TSXV approval, and among other conditions of the TSXV’s approval, disinterested shareholder approval.
betterU, a global education marketplace, aims to provide access to quality education from around the world to foster growth and opportunity to those who want to better their lives. The company plans to bridge the prevailing gap in the education and job industry and enhance the lives of its prospective learners by developing an integrated education-to-employment ecosystem. betterU’s offerings can be categorized into several broad functions: to compliment school programs with flexible KG-12 programs preparing children for next stage of education, to provide access to global educational opportunities from leading educators, to foster an exceptional educational environment by providing befitting skills that lead to a better career, to bridge the gap between one’s existing education and prospective job requirement by training them and lastly, to connect the end user to various job opportunities.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This press release may contain forward-looking statements and information, which may involve risks and uncertainties. The results or events predicted in these statements may differ materially from actual results or events. Factors that might cause a difference include, but are not limited to, competitive developments, risks associated with betterU’s growth, the state of the financial markets, regulatory risks and other factors. There can be no assurance or guarantees that any statements of forward-looking information contained in this release will prove to be accurate. Actual results and future events could differ materially from those anticipated in such statements. These and all subsequent written and oral statements containing forward-looking information are based on the estimates and opinions of management on the dates they are made and expressly qualified in their entirety by this notice. Unless otherwise required by applicable securities laws, betterU disclaims any intention or obligation to update or revise any forward-looking statements, whether because of new information, future events or otherwise. Readers should not place undue reliance on any statements of forward-looking information that speak only as of the date of this release. Further information on betterU’s public filings, including their most recent audited consolidated financial statements, are available at www.sedar.com.
For further information, please visit http://www.betteru.ca/investor-overview/
On behalf of the Board of Director,
betterU Education Corp.
Brad Loiselle, CEO
For further information:
1-613-695-4100 Ext. 233