betterU Education Corp. (TSX-V: BTRU; FSE: 5OGA) disclosed that the US $100 million at US $3.00 per share by TU Capital Co. Ltd. of Hong Kong was not completed as previously announced on April 30, 2018.
betterU Education said it still expects to receive funds.
“These delays have been challenging for all involved. We have confidence in TU and are supportive of this deal based on the personal relationships involved, what we have seen, validated and been part of regarding planning, meetings and approvals. We do understand that timelines do not always go as we might want and everyone’s patience is appreciated,” commented Brad Loiselle, President and CEO of betterU.
betterU stock closed at CDN $0.60 or US $0.466 on May 18, 2018.
Timeline
November 03, 2017 — betterU entered into a bintent withr of intent with Treasure Union Limited (TU), a private company established and based in Hong Kong, China for an equity investment of $100 Million USD financing at US$3.00 per common share. The Investment is scheduled to close on or before March 15th, 2018. Closing will be subject to certain conditions, including the Corporation and TU entering into a definitive agreement which is anticipated to be entered into by November 15th, 2017, the approval of the TSX Venture Exchange, betterU’s shareholder approval and any other necessary approvals for the completion of the Investment. TU is a private company incorporated and based in Hong Kong, China. It will be the managing partner for the US$10 billion private investment fund used to support companies such as betterU. The Fund, which has yet to be set-up, will
be established for launch in North America by January 2018.
November 24, 2017 — betterU “understands that the entity with which it has entered into the LOI, and with which it will enter the Agreement – being Treasure Union Ltd (TU) – will not be the ultimate investor in the Corporation. Rather, the investor will be an off-shore fund that is in the process of being set up. The funds for the investment into betterU will come from that entity post being established.”
January 16, 2018 – “The Fund to be set-up in the Cayman Islands by January 15th, 2018 is in progress to being completed. betterU management received confirmation and further details from the investment group on January 3rd and again on January 9th 2018 that they are advancing with all milestones and will provide the Corporation with verification of account details and validation of Fund capacity upon completion.”
February 1, 2018 – TU and betterU executed a definitive agreement that solidifies the terms and conditions required to complete the final details for the US$100M equity investment.
April 3, 2018 – “The Chairman of TUCapital, Kenny Ho, has confirmed to the Corporation that TUCapital (the ‘Fund’) has been established and that they have executed on the Subscription Agreement as of April 3rd, 2018. betterU’s Board of Directors Chairman Tony Keenan is currently in Guangzhou, China with Mr. Ho coordinating the details of the fund transfer which is expected to be within the upcoming 2-3 weeks subject to banking and legal requirements.”
April 30, 2018 – “The Corporation received an update this morning from Mr. Kenny Ho that the timelines for transfer of funds have been adjusted to be completed on or before May 17th. As previously announced, there are other multiple investments into companies like betterU from the same funding source that has impacted the timelines. This is the explanation for the delay that has been provided to the Corporation.”
photo credit: betterU Education
News Release
BETTERU EDUCATION CORPORATION PROVIDES UPDATE ON CLOSING TIMELINES OF US$100 MILLION INVESTMENT
Ottawa, May 18th, 2018 – betterU Education Corp. (TSX-V:BTRU) (FRANKFURT:5OGA), (the “Corporation” or “betterU”), announces that while they still expect to receive the funds, it was not completed yesterday as previously announced on April 30th, 2018.
betterU’s management continues to work with TU Capital Co. Ltd. (“TU”) to complete the investment transaction and according to TU management they are only waiting on a couple fund participants required to travel to Tokyo, Japan for the execution of the release. betterU’s CEO Brad Loiselle and Chairman of the Board Tony Keenan recently travelled to Toronto to meet with TU management to discuss the release of fund process and timelines. While TU could not provide the exact date for the release, as it is depended on these individuals’ schedules, they provided additional confidence that the funds are ready to be released and only waiting on these sign offs. “These delays have been challenging for all involved. We have confidence in TU and are supportive of this deal based on the personal relationships involved, what we have seen, validated and been part of regarding planning, meetings and approvals. We do understand that timelines do not always go as we might want and everyone’s patience is appreciated” said Brad Loiselle, President and CEO of betterU.
The majority shareholder’s approval has been provided the Corporation. The consummation of any financing, as contemplated, remains subject to TSXV approval, and among other conditions of the TSXV’s approval.
About betterU
betterU, a global education to employment platform, 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.
www.betterU.ca and www.betterU.in
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.
For further information, please visit https://ir.betteru.ca/investor-overview/press-releases/
On behalf of the Board of Director, better Education Corp. Brad Loiselle, CEO
For further information:
Investor Relations 1-613-695-4100 Ext. 233 Email: ir@betteru.ca