Visionary Education Technology Holdings Group Inc. Announces Closing of US$17 Million Firm Commitment Initial Public Offering

Markham, Canada, May 19, 2022 (GLOBE NEWSWIRE) — Visionary Education Technology Holdings Group Inc. (the “Company”) (Nasdaq: VEDU), a private education provider located in Canada that offers high-quality education resources to students around the globe, today announced the closing of its initial public offering (the “Offering”) of 4,250,000 common shares at a public offering price of US$4.00 per common share.

The Company received aggregate gross proceeds of US$17 million from the Offering, before deducting underwriting discounts and other related expenses. In addition, the Company has granted the underwriters a 45-day option to purchase up to an additional 637,500 common shares at the public offering price, less underwriting discounts and commissions. The common shares began trading on the Nasdaq Capital Market on May 17, 2022 under the ticker symbol “VEDU.”

Proceeds from the Offering will be used for Public Private Partnership (“PPP”) projects, course development of Max the Mutt College of Animation, Art and Design (“MTM”), program partnerships with other universities, vocational education, development of global market and distribution channels, staff development and general corporate purposes, including working capital and operating expenses.

The Offering was conducted on a firm commitment basis. Joseph Stone Capital, LLC acted as the representative of the underwriters and the lead underwriter for the Offering and Valuable Capital Limited acted as the co-underwriter for the Offering. McLaughlin & Stern, LLP acted as counsel to the Company, and Carmel, Milazzo & Feil LLP acted as counsel to the representative of the underwriters in connection with the Offering.

A registration statement on Form F-1 relating to the Offering was filed with the U.S. Securities and Exchange Commission (“SEC”) (File Number: 333-263290) and was declared effective by the SEC on May 16, 2022. The Offering is being made only by means of a prospectus, forming a part of the registration statement. Copies of the prospectus relating to the Offering may be obtained from Joseph Stone Capital, LLC, by email at ccao@josephstonecapital.com, by calling +1 516.267.7001. In addition, copies of the prospectus relating to the Offering may be obtained via the SEC’s website at www.sec.gov.

This press release does not constitute an offer to sell, or the solicitation of an offer to buy any of the Company’s securities, nor shall there be any offer, solicitation or sale of any of the Company’s securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such state or jurisdiction.

About Visionary Education Technology Holdings Group Inc.

Visionary Education Technology Holdings Group Inc., headquartered in Markham, Canada, is a private education provider located in Canada that offers high-quality education resources to students around the globe. The Company aims to provide access to secondary, college, undergraduate and graduate and vocational education to students in Canada through technological innovation so that more people can learn, grow and succeed to their full potential. As a fully integrated provider of educational programs and services in Canada, the Company has been serving and will continue to serve both Canadian and international students. For more information, visit the Company’s website at https://ir.visiongroupca.com.

Toronto eSchool, a subsidiary of VEDU, is a premier online high school situated in Toronto and is fully inspected and accredited to grant the Ontario Secondary School Diploma by the Ministry of Education (BSID#886520). Toronto eSchool offers students the opportunity to earn Ontario high school credits online featuring in mediated content delivery. It adopts a combination of online video instruction, online assessments, and a virtual evaluation teaching model. The students can register and start learning anywhere at any time with flexible course schedules and self-paced learning. Toronto eSchool provides dynamic and concise video lessons to the students through a high-quality multimedia platform.