OTTAWA, June 26, 2017 (GLOBE NEWSWIRE) -- betterU Education Corp. (TSX-V:BTRU) (FRANKFURT:5OGA) (the "Company" or "betterU"), further to the news release dated May 12, 2017, is pleased to announce an update to the non-brokered private placement.
The Company has decided to adjust the financing to tranche closings with the first tranche reduced to a minimum of $1,000,000 closing approximately $500,000 Monday June 26th followed by the remainder within the next 30 days. The adjustment of betterU’s investments and minimum tranching stems from a level of interest received from multiple strategic partners interested in investing who require additional time for due diligence. “There has been a lot of interest expressed in supporting betterU, however being able to align our business growth with ‘smart money’ partnerships that have deeper connections, vested interest in India is a much more attractive proposition for the Company,” said Brad Loiselle, President / CEO betterU.
All other terms of the financing will remain the same. The financing will consist of a minimum of 1,818,182 Units at $0.55 per unit. Each unit consists of a Common share and a ½ warrant (“Unit”). Each full warrant can be exercised for one year at a price of $0.80.
A finder’s fee of 7.5% in cash and/or warrants and 7.5% in warrants may be paid on a portion of the private placement.
This financing and all securities proposed to be issued thereunder are subject to the acceptance of the TSX Venture Exchange. All securities issued under the private placement are subject to a four month and one day hold period from date of issuance.
About betterU
betterU, an online education technology company, aims to provide access to quality education from around the world in order 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 ecosystem. betterU’s offerings can be categorized into four broad functions: to compliment school programs with flexible KG-12 programs preparing children for their next stage of education, 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.
betterU cautions you that statements included in this press release that are not a description of historical facts may be forward-looking statements. Forward-looking statements are only predictions based upon current expectations and involve known and unknown risks and uncertainties. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of release of the relevant information, unless explicitly stated otherwise. Actual results, performance or achievement could differ materially from those expressed in, or implied by, betterU's forward-looking statements due to the risks and uncertainties inherent in betterU's business including, without limitation, statements about: the progress and timing of its clinical trials; difficulties or delays in development, testing, obtaining regulatory approval, producing and marketing its products; unexpected adverse side effects or inadequate therapeutic efficacy of its products that could delay or prevent product development or commercialization; the scope and validity of patent protection for its products; competition from other pharmaceutical or biotechnology companies; and its ability to obtain additional financing to support its operations. betterU does not assume any obligation to update any forward-looking statements except as required by law.
CONTACT INFORMATION
For further information, please visit
http://www.betteru.ca/investor-overview/
Investor contact: Bruce Chick, MBA
VP Corporate & Investor Relations 1-613-695-4100 Ext. 233
Email: ir@betteru.ca