RE:RE:RE:RE:Chinese universities TORONTO, ONTARIO--(Marketwired - March 1, 2017) -
This press release is issued pursuant to Multilateral Instrument 62-104 - Take-Over Bids and Issuer Bids and National Instrument 62-103 - The Early Warning System and Related Take-Over Bid and Insider Reporting Issues.
NetDragon Websoft Holdings Limited ("NetDragon") (HKSE:0777) indirectly, through its wholly owned subsidiary NetDragon Websoft Inc. ("NetDragon (BVI)"), acquired beneficial ownership of 13,333,333 common shares in the capital ("Common Shares") of ARHT Media Inc. (the "issuer") for CDN$0.15 per Common Share, pursuant to a subscription agreement (the "Subscription Agreement") between NetDragon (BVI) and the issuer (the "Private Placement").
Upon closing of the Private Placement, NetDragon, through NetDragon BVI, has acquired control and direction over 13,333,333 Common Shares for aggregate holdings of 32,611,437 Common Shares representing, in the aggregate, approximately 29.72% of the issued and outstanding Common Shares. Prior to the closing of the Private Placement the NetDragon controlled, through NetDragon (BVI), 19,278,104 Common Shares (representing approximately 19.99% of the issued and outstanding Common Shares).
The Subscription Agreement was entered into for investment purposes. NetDragon and/or NetDragon (BVI) or any of their respective affiliates may, from time to time, take such actions in respect of its holdings in securities of ARHT, as it may deem appropriate, in light of the circumstances then existing, including the purchase of additional Common Shares or other securities of the issuer or the disposition of all or a portion of NetDragon's and/or NetDragon (BVI)'s securityholdings in the issuer, subject in each case to applicable securities laws and the terms of such securities. Except in connection with the Subscription Agreement and the transactions contemplated therein, including NetDragon's right to nominate one director to the issuer's board and the right to maintain its pro rata interest in the issuer, as of the date of this report, the NetDragon and/or NetDragon (BVI) has not made any determinations with respect to its role in the future of the issuer and its business or with respect to future acquisitions of, ownership of, or control over, any additional securities of the issuer.
The issuer is located at 65 Queen Street West, Suite 800, Toronto, Ontario, M5H 2M5. NetDragon is located at Trident Chambers, Wickhams Cay, P.O. Box 146 Road Town, Tortola, British Virgin Islands. A copy of the early warning report to which this news release relates can be obtained from Liu Dejian at +852 2850 7215 or on the SEDAR profile of the issuer at www.sedar.com.