Digital Learning Marketplace (LON:DLM) today said the development of its new e-learning platform is on track and it has paid a first £40,000 instalment following its acquisition.
DLM was called Intellego when it acquired Digital Learning Marketplace in November but changed its name in January to reflect the new focus.
The Digital Learning Marketplace is being built as learning platform for companies to access day-to-day and future learning requirements online.
It will give users the ability to create their own focused courses in affordable blocks, built from materials supplied by a diverse range of providers.
Pearson Education (LON:PSON) (19%) and Ashridge Business School (6%) are both participants in the project, while the government has put up a grant of £740,000.
DLM agreed to invest up to £160,000 to secure a majority interest in the project during the two year development stage. The project is expected to be fully operational in 2013.
The initial payment of £40,000 for the acquisition will consist of 20 million shares at 0.2p to be issued to Milamber, the vendor of Digital Learning.
DLM’s chief executive Andy Hasoon owns 21.5 per cent of Milamber, which also owns 8.75 per cent of DLM.
The company said it had also issued a further 5.8 million shares at the 0.2p to raise a net £11,600, while three directors had subscribed for a further 9.5 million shares to raise a net further £19,000.
The net total of £30,600 raised will be used for working capital.