Lingo Media and Schoold app developer extend merger LOI

Lingo Media Corp (TSE:LM) updated on its planned merger with college marketplace app Schoold – saying  they  have agreed to extend the term of their previously announced letter of intent (LOI) until the end of June.

The extension is required to provide time to complete the audited financial statements of Schoold, to complete due diligence by both parties, and for the negotiation of a final definitive agreement between the parties.

As revealed in March, shareholders of each party will acquire 50 % of the resulting entity.

Upon completion of a definitive agreement, Lingo will issue more specific details of the deal, including a private placement financing to be completed concurrently with the closing of the transaction.

Michael Kraft, of Lingo Media, said in March: “We look forward to joining forces with Schoold and benefiting from Joe Ross’s leadership and experience in the technology and education sectors.”

The Schoold app connects prospective students with colleges and universities and is available worldwide on iPhone, Android and Kindle devices.

Story by ProactiveInvestors