Hey Lola,
What a day!
First GRH and then TAL
Hope some of you took advantage of the heads up!
TAL ... Hmmm put China and wireless together and you got me grinning big time! [ggg] Interesting day tomorrow to say the least!
Tri-Alpha Investments Ltd -
Tri-Alpha to acquire interest in Gotop
Tri-Alpha Investments Ltd TAL
Shares issued 4,749,275 2000-01-12 close $0.31
Thursday Jan 13 2000
Mr. T. Barry Coughlan reports
Tri-Alpha Investments has, through its wholly owned subsidiary Tal.Net Technologies Ltd., entered into agreements pursuant to which it has the right to acquire a 35.7-per-cent interest in Beijing Gotop Information Technology Corporation Limited, a company incorporated pursuant to the laws of the People's Republic of China.
Gotop is the PRC's largest provider of electronic distance education and through its Web site, Chinaedu.com, Gotop uses the Internet to deliver a comprehensive range of educational course materials from kindergarten to grade 12. Since its inception two years ago, Gotop has undergone dramatic annual growth and currently has in excess of 50,000 students taking major subject courses on-line. There are presently an estimated 215 million students enrolled in the public school system in the PRC of which 71 million are high school students.
Pursuant to the proposed transaction with Gotop, Tal.Net Technologies is required to pay $1-million (U.S.) payable on the basis of a deposit of $50,000 (U.S.), $200,000 (U.S.) on the closing date of the transaction and $250,000 (U.S.) on each of Feb. 15, 2000; May 31, 2000; and June 15, 2000. The interest in Gotop to be acquired by the company is to be issued from Gotop's treasury such that the funds representing the purchase price will go toward Gotop's expansion. The company intends on completing such future financings as are necessary to complete the purchase price commitments or, alternatively, the company has the right to assign its rights to the interest in Gotop.
The proposed acquisition of the interest in Gotop may result in a change of business for the company according to the policies of the Canadian Venture Exchange and the transaction is subject to the approval of the CDNX.
The company's previously announced non-brokered private placement of 1.3 million units is being replaced by a private placement of 1.6 million units at a price of 30 cents per unit. Each unit will consist of one common share and one share purchase warrant which entitles the holder to purchase an additional common share at a price of 30 cents per share during the first year following closing and 35 cents per share during the second year. The majority of this placement has been subscribed to by directors of the company.
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