OTTAWA, Oct. 11, 2017 (GLOBE NEWSWIRE) -- betterU Education Corp. (TSX-V:BTRU) (FRANKFURT:5OGA) (the “Company”) announces that it has negotiated and executed a loan agreement with Runway Finance Group Inc. (the “Lender”), pursuant to which:
(a) The Lender agrees to extend one (1) credit advance to the Company in the amount of $300,000 (the “Loan”).
(b) The Company agrees to pay to the Lender interest calculated on the Principal at an annual rate of 15%.
(c) The Company agrees to pay a $9,000 facility origination fee on the full amount of the Principal.
The term of the Loan is 3 years (the “Term”).
As additional consideration for such advances, the Company has agreed to issue 375,000 common share purchase warrants (the “Warrants”) to the Lender. The Warrants are exercisable for a period of 2 years at a price of $0.80 subject to the following:
(a) the issuance of the bonus shares and bonus warrants is subject to the Company receiving acceptance from the Exchange therefor;
(b) the Common Shares issuable pursuant to the Warrants are subject to a hold period which will expire 4-months and a day from October 11, 2017; and
(c) if the Loan is reduced or repaid during the first year of the Term, a pro rata number of the total bonus Warrants must have their term reduced to the later of one year from issuance of the Warrants and 30 days from the reduction or repayment of the Loan.
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS NEWS RELEASE.
Investor contact:
Investor Relations
1-613-695-4100 Ext. 233
Email: ir@betteru.ca