Access International Signs Second Extension and Amendment on Term Sheet
CALGARY, Alberta--(BUSINESS WIRE)--Access International Education Ltd. (AOE – TSX Venture Exchange) (the “Issuer” or the “Company”) has announced that further to the signing of an extension to the original Term Sheet on July 22, 2013 with EA Education Group inc. (EA Education) of Toronto for the brokered Private Placement of 16,100,000 units of common shares and warrants of the Company at $0.074 per unit (the "Units") to raise $1,190,000 CAD, with each Unit comprised of one common share of the Issuer (the "Unit Shares") and one-half of one (1/2) warrant (each whole warrant, a “Warrant”) for closing scheduled for October 20, 2013, both companies have just mutually agreed to a further extension and amendment to the Term Sheet for closing on January 28, 2014 with expansion of the number of units to be subscribed by EA Education to 21,100,00 units of common shares and warrants of the Company still at $0.074 per unit to raise a new total proceed of $1,561,400.
There will be no change in any of the other terms and conditions for this financing and joint venture as agreed and signed as per the original term sheet
EA Education is an education service provider from Toronto, Ontario, owned and funded by Mrs. Wen Xu and Mr. Weidong Wang, who are very experienced and successful in both the education and business fields with English language training schools and student recruitment centres in the PRC. Currently EA has two English language training schools and four student recruitment centres in the PRC growing rapidly into the 23 provinces in the PRC to provide for its products and services. Joint Venture with EA Education will enhance their product and service lines utilizing the various platforms of the Company as well as helping the Company to expand horizontally across the country at the same time.
For and On Behalf of
Access International Education Ltd.
President & CEO
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.