Brief: Visionary Education Technology Signs Non-Binding LOI To Acquire Equity Interest Of An Online Postgraduate Tutoring Provider

Visionary Holdings

16/11/2022 13:38

Nov 16 (Reuters) - Visionary Education Technology
Holdings Group Inc  VEDU.O :
    * VISIONARY EDUCATION TECHNOLOGY SIGNS NON-BINDING LOI TO
ACQUIRE
EQUITY INTEREST OF AN ONLINE POSTGRADUATE TUTORING PROVIDER.
    * VISIONARY EDUCATION TECHNOLOGY HOLDINGS GROUP - CO TO
ACQUIRE A
MINIMUM OF AN 85% EQUITY INTEREST OF SHANGHAI HEERBANTI
EDUCATION TECHNOLOGY CO., LTD.
    * VISIONARY EDUCATION TECHNOLOGY HOLDINGS GROUP INC -
PURSUANT TO
LOI, COMPANY INTENDS TO ACQUIRE EQUITY INTEREST OF HEBT IN THREE
STAGES
    * VISIONARY EDUCATION TECHNOLOGY-INTENDS TO PAY $2.75
MILLION IN
ITS ORDINARY SHARES AT PRICE OF $4 PER SHARE IN FIRST STAGE FOR
35% EQUITY INTEREST OF HEBT
    * VISIONARY EDUCATION TECHNOLOGY - INTENDS TO PAY
US$4,947,121 IN
ITS ORDINARY SHARES IN SECOND STAGE FOR AN ADDITIONAL 35% EQUITY
INTEREST OF HEBT
    * VISIONARY EDUCATION TECHNOLOGY HOLDINGS GROUP INC -  WILL
HAVE
AN OPTION TO ACQUIRE BETWEEN 15% AND 30% OF EQUITY INTERESTS IN
HEBT AT THIRD STAGE

Source text for Eikon:  ID:nGNX8Lhlrg 
Further company coverage:  VEDU.O