KneoMedia Ltd has raised more than A$2 million through a placement of 166 million fully paid ordinary shares at A$0.0125 per share.
The placement was completed at a 16% discount to five-day Volume Weighted Average Price (VWAP) and there was a considerable demand for the new securities.
Subscribers to the placement will receive one free attaching option for every two placement shares with the options applied at A$0.025 and expiring on December 31, 2023.
The placement shares will be issued according to the company’s available capacity.
Looking ahead to US contracts
The new funds raised will be used to support the anticipated deployment of new KneoWorld sales contracts in the United States (primarily in New York), with the potential of expanding into larger contracts.
“We are delighted with the support we have received for this placement from new and existing investors that recognise the potential for our technology in the United States where we are making solid inroads,” KneoMedia CEO James Kellett said.
“We are particularly encouraged by the opportunities available to us and the ‘Connect All Kids’ participants in New York City where KneoWorld is delivering excellent educational outcomes and gaining serious traction and visibility.”
KneoMedia will keep the market informed on further developments as new sales are secured.
- Written by Duncan Bailey