TORONTO, ON / ACCESSWIRE / May 23, 2019 / Eastern Sun Capital II Corp. (the "Acquiror") acquired 8,000,000 units in EA Education Group Inc. (the "Company") following the closing of the private placement offering at a price of $0.075 per unit (the "Offering"). Each unit comprised of one common share and one common share purchase warrant ("Warrants") exercisable at $0.10 until May 22, 2024.
Following the closing of the Offering, Mr. YongBiao ("Winfield") Ding, an insider of the Company and the control person of the Acquiror, along with the Acquiror jointly or in concert, controls approximately 28.62% of the issued and outstanding capital of the Company. In the event that the Acquiror exercises all of its Warrants, Mr. Ding and the Acquiror will jointly or in concert, control approximately 44.51% of the issued and outstanding capital of the Company.
This press release is issued pursuant to National Instrument 62-103 - The Early Warning System and Related Take-Over Bid and Insider Reporting Issues, which also requires an early warning report to be filed with regulatory authorities in each of the jurisdictions in which the Issuer is a reporting issuer containing information with respect to the foregoing matters (the "Early Warning Report"). A copy of the Early Warning Report will be filed on www.sedar.com.
For further information, please contact:
YongBiao ("Winfield") Ding
Phone: 416-320-4388
Email: [email protected]
SOURCE: Eastern Sun Capital II Corp.