OTTAWA, May 25, 2018 – betterU Education Corp. (TSX VENTURE:BTRU) (Frankfurt:5OG) (the “Company”) announces it has negotiated and will be closing today an amendment to the loan agreement dated October 4, 2017 as amended November 17, 2017 with Runway Finance Group Inc. (the “Lender”), to support operations during the completion process of the $100M funding timelines, pursuant to which:
- The Loan Agreement is to add an additional credit advance of $350,000, under a non-revolving term facility (the “Principal”).
- The Company agrees to pay to the Lender interest calculated on the Principal at an annual rate of 15%.
- The Company agrees to pay a $17,500 facility origination fee on the full amount of the Principal
- The term of the initial loan is 2 years, with this amendment for the additional funding to be repaid in 60 days;
- The CEO of betterU will act as a Guarantor for the loan.
- As additional consideration for such advances, the Company has agreed to issue and additional 437,500 common share purchase warrants (the “Warrants”) to the Lender. The Warrants are exercisable within 1 year from repayment period at a price of $0.80 subject to the following:
- the Common Shares issuable pursuant to the Warrants are subject to a hold period which will expire 4-months and a day from May 25th, 2018; and
- Approvals on the loan details have been provided by the Board of Directors and TSXV.
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 complement 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.
On behalf of the Board of Director,
betterU Education Corp.
Brad Loiselle, CEO