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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-top: Black 2.25pt double"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>UNITED STATES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>Washington</B></FONT><B>,
D.C. 20549</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>___________________________________</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>FORM 8-K</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>CURRENT REPORT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>___________________________________</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>d</B></FONT><B>ate
of Report (Date of earliest event reported): May 24, 2012 (May 18, 2012)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">CHINACAST EDUCATION CORPORATION</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Exact name of registrant as specified in
its charter)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

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    <TD STYLE="width: 28%; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Delaware</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(State or other jurisdiction of<BR>
        incorporation)</P></TD>
    <TD STYLE="width: 44%; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>001-33771</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Commission File Number)</P></TD>
    <TD STYLE="width: 28%; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in"><B>20-0178991</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(I.R.S. Employer<BR>
        Identification Number)</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Suite 08, 20/F,</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>One International Financial Centre,<BR>
        1 Harbour View Street</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Central, Hong Kong</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Address of principal executive offices,
        including zip code)</P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Registrant&rsquo;s telephone number, including area code:&#9;(852)
3960 6506</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Check the appropriate box below if the Form 8-K filing is intended
to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction
A.2. below):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Wingdings">&#168;</FONT>  Written communications pursuant to Rule 425 under the Securities
Act (17 CFR 230.425)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Wingdings">&#168;</FONT>  Soliciting material pursuant to Rule 14a-12 under the Exchange
Act (17 CFR 240.14a-12)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Wingdings">&#168;</FONT>  Pre-commencement communications pursuant to Rule 14d-2(b)
under the Exchange Act (17 CFR 240.14d-2(b))</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Wingdings">&#168;</FONT>  Pre-commencement communications pursuant to Rule 13e-4(c)
under the Exchange Act (17 CFR 240.13e-4(c))</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 58.3pt; text-indent: -58.3pt"><B>Item 1.01.&nbsp;&nbsp;&nbsp;&nbsp;Entry into
a Material Definitive Agreement.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 58.3pt; text-indent: -58.3pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">On May 18, 2012, ChinaCast Education Corporation
(the &ldquo;<U>Company</U>&rdquo;) delivered a borrowing notice and acknowledgement (the &ldquo;<U>Borrowing Notice</U>&rdquo;)
to a group of lenders consisting of Fir Tree Value Master Fund, L.P. (&ldquo;<U>Fir Tree Value</U>&rdquo;), Fir Tree Capital Opportunity
Master Fund, L.P. (&ldquo;<U>Fir Tree Capital</U>&rdquo; and, collectively with Fir Tree Value, &ldquo;<U>Fir Tree</U>&rdquo;),
Lake Union Capital Fund, LP (&ldquo;<U>Lake Union Capital</U>&rdquo;), Lake Union Capital TE Fund, LP (&ldquo;<U>Lake Union Capital
TE</U>&rdquo;), MRMP Managers LLC (&ldquo;<U>MRMP</U>&rdquo;), Harkness Trust (&ldquo;<U>Harkness</U>&rdquo;), Ashford Capital
Partners, L.P. (&ldquo;<U>Ashford</U>&rdquo;), Anvil Investment Associates, L.P. (&ldquo;<U>Anvil</U>&rdquo;) and Columbia Pacific
Opportunity Fund L.P. (&ldquo;<U>Col-Pac</U>&rdquo;) (each of Fir Tree Value, Fir Tree Capital, Lake Union Capital, Lake Union
Capital TE, MRMP, Harkness, Ashford, Anvil and Col-Pac, individually, a &ldquo;<U>Purchaser</U>&rdquo; and collectively, the &ldquo;<U>Purchasers</U>&rdquo;).
Each of the Purchasers is a shareholder of the Company, and Ned Sherwood, a director on the Company&rsquo;s board and shareholder
of the Company, is an investment manager of MRMP.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="color: black">The Borrowing
Notice was delivered pursuant to the subsequent advance provisions of Section 5.2 of the Notes and Warrants Purchase Agreement
(the &ldquo;<U>Purchase Agreement</U>&rdquo;) entered into by and among the Company, the Purchasers and Col-Pac as of April 10,
2012, as described in the Company&rsquo;s Form 8-K filed on April 16, 2012 (the &ldquo;<U>Initial Financing Form 8-K</U>&rdquo;).
Further to the Borrowing Notice, each of the Purchasers agreed to purchase additional promissory notes (collectively, the &ldquo;<U>Second
Tranche Notes</U>&rdquo;) in the aggregate principal amount of </FONT>$1,096,181.50 and having the same terms <FONT STYLE="color: black">(other
than an initial interest payment date of November 19, 2012, and a maturity date of May 18, 2013) </FONT>as the initial promissory
notes purchased by such parties pursuant to the Purchase Agreement <FONT STYLE="color: black">(the &ldquo;<U>First Tranche Notes</U>&rdquo;,
and together with the Second Tranche Notes, the &ldquo;<U>Notes</U>&rdquo;),</FONT> <FONT STYLE="color: black">which terms are
described in the Initial Financing Form 8-K and are incorporated herein by reference. The aggregate principal amount of Notes purchased
in the initial financing and second financing is $2,192,363.00.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="color: black"><B><I>Warrants.</I></B>
As previously disclosed in the Initial Financing Form 8-K, the Purchase Agreement provides that the Company will issue to each
Purchaser one warrant convertible into one share of the Company&rsquo;s common stock (collectively, the &ldquo;<U>Warrants</U>&rdquo;)
for every two dollars of principal amount that the Purchaser funds under their respective Notes. In connection with the purchase
of the Second Tranche Notes, the Company is required to issue an aggregate </FONT>548,091<FONT STYLE="color: black"> Warrants to
the Purchasers. The total number of Warrants issued in the initial financing and the second financing is 1,096,182. In connection
with the purchase of the Second Tranche Notes, the Company changed the exercise price of the Warrants from $4.00 per share to $1.00
per share for all 1,096,182 Warrants issued in the initial financing and this second financing. Other than the exercise price,
the other terms of the Warrants, as described in the Initial Financing Form 8-K, remain unchanged: each Warrant shall expire on
the fifth anniversary of issuance and include anti-dilution protections for ordinary stock splits, stock dividends and recapitalizations.
The Company is required to issue the Warrants to the Purchasers as soon as practicable.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; color: black">In
addition, so long as the Company&rsquo;s common stock remains listed on NASDAQ, MRMP will not exercise its Warrants at the $1.00
per share exercise price until the Company has obtained shareholder approval to issue the applicable Warrants to MRMP with such
exercise price. In the event MRMP decides to exercise any of its Warrants before such shareholder approval is obtained, it has
agreed to do so at an exercise price of $4.24 per share of the Company&rsquo;s common stock (as adjusted for any anti-dilution
protections under the terms of the Warrants), which is the consolidated closing bid price of the Company&rsquo;s stock on March
30, 2012. The Company has agreed to include, in the proxy statement for its next shareholders&rsquo; meeting, a request for shareholders
to approve and ratify the issuance of the applicable Warrants to MRMP at the $1.00 exercise price provided for under the Borrowing
Notice</FONT>, and the Company has agreed to use its reasonable best efforts to obtain such approval<FONT STYLE="font-size: 10pt; color: black">.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B><I>Agreement Filed as Exhibit.</I></B>
The foregoing description of the terms of the Borrowing Notice does not purport to be complete and is qualified in its entirety
by reference to the full text of the Borrowing Notice, a copy of which is attached hereto as Exhibit 4.1.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B><I>Use of Proceeds.</I></B> The Company
intends to use the proceeds from this financing for working capital for professional service provider fees and other expenses related
to the chop recovery efforts, asset recovery efforts, investigations, and other matters previously disclosed in the Company&rsquo;s
recent Forms 8-K; vendor payments; payroll; and other corporate purposes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 58.3pt; text-indent: -58.3pt"><B>Item 2.03.&nbsp;&nbsp;&nbsp;&nbsp;Creation of
a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 58.3pt; text-indent: -58.3pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The information relating to the Second Tranche
Notes set forth in Item 1.01 above is incorporated by reference into this Item 2.03.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 58.3pt; text-indent: -58.3pt"><B>Item 3.02.&nbsp;&nbsp;&nbsp;&nbsp;Unregistered
Sales of Equity Securities</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 58.3pt; text-indent: -58.3pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The information relating to the Warrants
set forth in Item 1.01 above is incorporated by reference into this Item 3.02. The 548,091 Warrants agreed to be issued in the
second financing, similar to the 548,091 Warrants agreed to be issued in the initial financing, are being issued in reliance on
the exemption from registration afforded by Section 4(2) of the Securities Act of 1933 (the &ldquo;<U>1933 Act</U>&rdquo;), as
amended, and Rule 506 of Regulation D under the 1933 Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 58.3pt; text-indent: -58.3pt"><B>Item 9.01.&nbsp;&nbsp;&nbsp;&nbsp;Financial
Statements and Exhibits.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 58.3pt; text-indent: -58.3pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(d) &nbsp;&nbsp;&nbsp;&nbsp;Exhibits.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">4.1</TD><TD>Borrowing Notice and Acknowledgement, dated May 18, 2012.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">SIGNATURES</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Pursuant to the requirements of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Date: May 24, 2012</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="2"><B></B><FONT STYLE="text-transform: uppercase">ChinaCast
Education Corporation</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; width: 50%">&nbsp;</TD>
    <TD STYLE="width: 4%">By:&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 46%">/s/ Derek Feng</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-top: #000000 1px solid">Derek Feng<BR>Chief Executive Officer</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: 0pt; margin-top: 0pt; margin-bottom: 6pt">&nbsp;</P>

<P STYLE="margin: 0"></P>

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{"company-data": {"conformed-name": "CHINACAST EDUCATION CORP", "cik": "0001261888", "assigned-sic": "8200", "irs-number": "200178991", "state-of-incorporation": "DE", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "001-33771", "film-number": "12868483"}, "business-address": {"street1": "SUITE 08, 20/F, ONE INTL FINANCE CENTRE", "street2": "1 HARBOUR VIEW STREET", "city": "CENTRAL,", "state": "K3", "zip": "00000", "phone": "(852) 3960 6506"}, "mail-address": {"street1": "SUITE 08, 20/F, ONE INTL FINANCE CENTRE", "street2": "1 HARBOUR VIEW STREET", "city": "CENTRAL,", "state": "K3", "zip": "00000"}, "former-company": {"former-conformed-name": "GREAT WALL ACQUISITION CORP", "date-changed": "20030829"}}
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington
,
D.C. 20549
___________________________________
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
___________________________________
d
ate
of Report (Date of earliest event reported): May 24, 2012 (May 18, 2012)
CHINACAST EDUCATION CORPORATION
(Exact name of registrant as specified in
its charter)
Delaware
(State or other jurisdiction of
incorporation)
001-33771
(Commission File Number)
20-0178991
(I.R.S. Employer
Identification Number)
Suite 08, 20/F,
One International Financial Centre,
1 Harbour View Street
Central, Hong Kong
(Address of principal executive offices,
        including zip code)
Registrant's telephone number, including area code:	(852)
3960 6506
Check the appropriate box below if the Form 8-K filing is intended
to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction
A.2. below):
¨
Written communications pursuant to Rule 425 under the Securities
Act (17 CFR 230.425)
¨
Soliciting material pursuant to Rule 14a-12 under the Exchange
Act (17 CFR 240.14a-12)
¨
Pre-commencement communications pursuant to Rule 14d-2(b)
under the Exchange Act (17 CFR 240.14d-2(b))
¨
Pre-commencement communications pursuant to Rule 13e-4(c)
under the Exchange Act (17 CFR 240.13e-4(c))
Item 1.01.    Entry into
a Material Definitive Agreement.
On May 18, 2012, ChinaCast Education Corporation
(the "
Company
") delivered a borrowing notice and acknowledgement (the "
Borrowing Notice
")
to a group of lenders consisting of Fir Tree Value Master Fund, L.P. ("
Fir Tree Value
"), Fir Tree Capital Opportunity
Master Fund, L.P. ("
Fir Tree Capital
" and, collectively with Fir Tree Value, "
Fir Tree
"),
Lake Union Capital Fund, LP ("
Lake Union Capital
"), Lake Union Capital TE Fund, LP ("
Lake Union Capital
TE
"), MRMP Managers LLC ("
MRMP
"), Harkness Trust ("
Harkness
"), Ashford Capital
Partners, L.P. ("
Ashford
"), Anvil Investment Associates, L.P. ("
Anvil
") and Columbia Pacific
Opportunity Fund L.P. ("
Col-Pac
") (each of Fir Tree Value, Fir Tree Capital, Lake Union Capital, Lake Union
Capital TE, MRMP, Harkness, Ashford, Anvil and Col-Pac, individually, a "
Purchaser
" and collectively, the "
Purchasers
").
Each of the Purchasers is a shareholder of the Company, and Ned Sherwood, a director on the Company's board and shareholder
of the Company, is an investment manager of MRMP.
The Borrowing
Notice was delivered pursuant to the subsequent advance provisions of Section 5.2 of the Notes and Warrants Purchase Agreement
(the "
Purchase Agreement
") entered into by and among the Company, the Purchasers and Col-Pac as of April 10,
2012, as described in the Company's Form 8-K filed on April 16, 2012 (the "
Initial Financing Form 8-K
").
Further to the Borrowing Notice, each of the Purchasers agreed to purchase additional promissory notes (collectively, the "
Second
Tranche Notes
") in the aggregate principal amount of
$1,096,181.50 and having the same terms
(other
than an initial interest payment date of November 19, 2012, and a maturity date of May 18, 2013)
as the initial promissory
notes purchased by such parties pursuant to the Purchase Agreement
(the "
First Tranche Notes
",
and together with the Second Tranche Notes, the "
Notes
"),
which terms are
described in the Initial Financing Form 8-K and are incorporated herein by reference. The aggregate principal amount of Notes purchased
in the initial financing and second financing is $2,192,363.00.
Warrants.
As previously disclosed in the Initial Financing Form 8-K, the Purchase Agreement provides that the Company will issue to each
Purchaser one warrant convertible into one share of the Company's common stock (collectively, the "
Warrants
")
for every two dollars of principal amount that the Purchaser funds under their respective Notes. In connection with the purchase
of the Second Tranche Notes, the Company is required to issue an aggregate
548,091
Warrants to
the Purchasers. The total number of Warrants issued in the initial financing and the second financing is 1,096,182. In connection
with the purchase of the Second Tranche Notes, the Company changed the exercise price of the Warrants from $4.00 per share to $1.00
per share for all 1,096,182 Warrants issued in the initial financing and this second financing. Other than the exercise price,
the other terms of the Warrants, as described in the Initial Financing Form 8-K, remain unchanged: each Warrant shall expire on
the fifth anniversary of issuance and include anti-dilution protections for ordinary stock splits, stock dividends and recapitalizations.
The Company is required to issue the Warrants to the Purchasers as soon as practicable.
In
addition, so long as the Company's common stock remains listed on NASDAQ, MRMP will not exercise its Warrants at the $1.00
per share exercise price until the Company has obtained shareholder approval to issue the applicable Warrants to MRMP with such
exercise price. In the event MRMP decides to exercise any of its Warrants before such shareholder approval is obtained, it has
agreed to do so at an exercise price of $4.24 per share of the Company's common stock (as adjusted for any anti-dilution
protections under the terms of the Warrants), which is the consolidated closing bid price of the Company's stock on March
30, 2012. The Company has agreed to include, in the proxy statement for its next shareholders' meeting, a request for shareholders
to approve and ratify the issuance of the applicable Warrants to MRMP at the $1.00 exercise price provided for under the Borrowing
Notice
, and the Company has agreed to use its reasonable best efforts to obtain such approval
.
1
Agreement Filed as Exhibit.
The foregoing description of the terms of the Borrowing Notice does not purport to be complete and is qualified in its entirety
by reference to the full text of the Borrowing Notice, a copy of which is attached hereto as Exhibit 4.1.
Use of Proceeds.
The Company
intends to use the proceeds from this financing for working capital for professional service provider fees and other expenses related
to the chop recovery efforts, asset recovery efforts, investigations, and other matters previously disclosed in the Company's
recent Forms 8-K; vendor payments; payroll; and other corporate purposes.
Item 2.03.    Creation of
a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.
The information relating to the Second Tranche
Notes set forth in Item 1.01 above is incorporated by reference into this Item 2.03.
Item 3.02.    Unregistered
Sales of Equity Securities
The information relating to the Warrants
set forth in Item 1.01 above is incorporated by reference into this Item 3.02. The 548,091 Warrants agreed to be issued in the
second financing, similar to the 548,091 Warrants agreed to be issued in the initial financing, are being issued in reliance on
the exemption from registration afforded by Section 4(2) of the Securities Act of 1933 (the "
1933 Act
"), as
amended, and Rule 506 of Regulation D under the 1933 Act.
Item 9.01.    Financial
Statements and Exhibits.
(d)     Exhibits.
4.1
Borrowing Notice and Acknowledgement, dated May 18, 2012.
2
SIGNATURES
Pursuant to the requirements of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Date: May 24, 2012
ChinaCast
Education Corporation
By:
/s/ Derek Feng
Derek Feng
Chief Executive Officer
3