OTTAWA, Feb. 16, 2018 (GLOBE NEWSWIRE/KOREA IT TIMES) -- betterU Education Corp. (TSX VENTURE:BTRU) (FRANKFURT:5OGA), (the "Company" or "betterU") is pleased to announce it has closed on February 9th, 2018 the third tranche of 867,391 Units issued for gross proceeds of $399,000. Finder’s fee paid were: $4,320.00 and 9,391 and broker warrant exercisable at $0.60 for 1 year. The total number of units issued was 2,171,282 for gross proceeds of $998,789.86. A finder’s fee paid was $12,479.25. Additionally, in the same period, 96,152 Units were issued at $0.52 per Unit for proceeds of $50,000. Units were comprised of 1 common share and ½ common share purchase Warrant. Each whole Warrant forming part of the unit is exercisable at $0.65 per share. All shares issued as part of the private placement are subject to a 4-month hold period.
The proceeds are being used for working capital purposes including, but not limited to, the set-up of betterU’s core global leadership team and infrastructure to support the expected people growth requirements during 2018.
- On January 4th, 2018, the Corporation hired Stefan Strub, who has over a decade of financial management / business experience and education in Europe. Located in Zurich, Switzerland, Mr. Strub is now the Director of Western Europe for betterU. Mr. Strub is working with the Ottawa Team to support growth objectives by establishing a betterU presence across Europe and engaging with Academia, Corporations and Government for partnerships that can support betterU’s efforts in India.
- On February 5th, 2018, the Corporation hired Lisa Mullen, who has over a decade of Human Resource experience and education, having spent over 5 years at Halogen in an HR role with her last 3 years as their Manager Global Resource Operations. Supporting betterU’s leadership team as the Director of People and Culture, Mrs. Mullen is working on executing the Corporation’s plans for resource organization and international growth.
- The Corporation has also completed additional interviews and has extended two offers of employment over the last two weeks, which have been accepted in principle, for the roles of Chief Operating Officer (COO) and Director of Brand and Creative. Both individuals will be announced post execution of the agreements. The onboarding of these resources is in line with the requirements of the Corporation to grow its core management team to support global growth objectives post significant funding expected to close mid to late March 2018.
- Finally, the Corporation has entered into an extension of their lease agreement to expand in stages, the office space required to support the growth of the planned resources.
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 complement school programs with flexible KG-12 programs preparing children for the 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.
For further information, please visit http://www.betteru.ca/investor-overview/
On behalf of the Board of Directors,
betterU Education Corp.
Brad Loiselle, CEO
For further information:
1-613-695-4100 Ext. 233