OTTAWA, Nov. 23, 2017 (GLOBE NEWSWIRE) -- betterU Education Corp. (TSX-V:BTRU) (Frankfurt:5OGA) (the “Company”) announces that it has negotiated and executed an amendment to the loan agreement dated October 4, 2017 with Runway Finance Group Inc. (the “Lender”), pursuant to which:
(a) The Loan Agreement is amended to add an additional credit advance of $200,000, under a non-revolving term facility in a maximum principal amount of $500,000 (the “Principal”).
(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 an additional $6,000 facility origination fee on the full amount of the Principal.
The term of the Loan is 2 years (the “Term”).
As additional consideration for such advances, the Company has agreed to issue an additional 250,000 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 November 23, 2017; and
(c) if the Principal 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.
About betterU
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.
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. Certain statements in this release are forward-looking statements, which include completion of the proposed Investment, the anticipated use of the proceeds of the Investment, the development and expansion of betterU’s operations, and other matters. There can be no assurance that the Investment will be completed as proposed or at all. Forward-looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations or intentions regarding the future. Such information can generally be identified by the use of forwarding-looking wording such as "may", "expect", "estimate", "anticipate", "intend", "believe" and "continue" or the negative thereof or similar variations. Readers are cautioned not to place undue reliance on forward-looking statements, as there can be no assurance that the plans, intentions or expectations upon which they are based will occur. By their nature, forward-looking statements involve numerous assumptions, known and unknown risks and uncertainties, both general and specific, which contribute to the possibility that the predictions, estimates, forecasts, projections and other forward-looking statements will not occur. These assumptions, risks and uncertainties include, among other things, the state of the economy in general and capital markets in particular, the development of competitive technologies, the marketplace acceptance of betterU’s products, and other factors, many of which are beyond the control of betterU. Forward-looking statements contained in this press release are expressly qualified by this cautionary statement.
The forward-looking statements contained in this press release are made as of the date of this press release. Except as required by law, betterU disclaims any intention and assumes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Additionally, betterU undertakes no obligation to comment on the expectations of, or statements made by, third parties in respect of the matters discussed above. 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/
Brad Loiselle
President and CEO
1-613-695-4100 Ext. 233
Email: ir@betteru.ca
Investor contact:
Gurinder Sandhu
Investor Relations
1-613-695-4100 Ext. 233
Email: ir@betteru.ca