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  • Education publisher KNeoMedia (KNM) has begun the week in a trading halt ahead of an upcoming capital raising
  • The education publisher will remain in the halt until December 9 or when the announcement is made, whichever occurs first
  • KNeoMedia last entered a trading halt in mid-April in regards to a $2.5 million placement
  • More than 147 million fully-paid ordinary shares were issued at 1.7 cents
  • The company used the funds to speed-up its U.S. activities and widen sales channels in the U.S. and other markets
  • Shares in KNeoMedia have been trading at 1.8 cents since December 2

KNeoMedia (KNM) has begun the week in a trading halt in regards to an upcoming capital raising.

The education publisher will remain in the halt until December 9 or when the announcement is made, whichever occurs first.

KNeoMedia last entered a trading halt in mid-April which resulted in a $2.5 million placement.

147,058,824 fully-paid ordinary shares were issued at 1.7 cents each as well as a one-for-two attaching option, exercisable at four cents with expiry two years from date of issue.

The company used the funds to speed-up its U.S. activities, convert existing sales into deployments, and widen sales channels in the U.S. and other markets.

Looking at its financials, KNeoMedia burnt $168,000 in the September quarter with the majority going towards staff, administration and corporate costs.

As of September 30, the company had $2.84 million left in the bank. Coupled with its cash outflows, KNM has enough capital to support operations for 16 more quarters if spending levels remain the same.

At this point, KNeoMedia is yet to disclose how much it is aiming to raise or what it will be using the funds for.

Shares in KNeoMedia have been trading at 1.8 cents since December 2.

KNM by the numbers
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