Total
0
Shares
KNeoMedia (ASX:KNM) completes a $2.5M placement to accelerate U.S. activities
  • Online education publisher KNeoMedia (KNM) has completed a $2.5 million placement to accelerate its U.S. activities
  • The company issued more than 147 million shares at 1.7 cents each plus a one-for-two attaching option that will be redeemable for four cents
  • KNeoMedia will now focus on converting existing sales into deployments and to widen sales channels
  • Company shares are down 9.09 per cent and trading for two cents each

Online education publisher KNeoMedia (KNM) has completed a $2.5 million placement to accelerate its U.S. activities.

The company issued a total of 147,058,824 shares for 1.7 cents each as well as a one-for-two attaching option. The option can be converted into a share for four cents within a 24 month term.

KNeoMedia said it will use the funds to accelerate its U.S activities and that it will focus on converting existing sales into deployments.

KNeoMedia CEO James Kellett says the company is also working to widening its supply channels within the U.S. and beyond.

"The US remains our primary focus and we are predominantly focused on two sales channels here – the ‘Connect all Kids’ initiative and direct-to-schools. We are exploring other avenues to broaden sales and we look forward to reporting on these initiatives," he said.

Company shares are down 9.09 per cent and trading for two cents each at market close.


Subscribe


KNM by the numbers
More From The Market Herald
TALi Digital (ASX:TD1) - Managing Director, Glenn Smith - The Market Herald

" TALi Digital (ASX:TD1) receives positive results from TALi DETECT study

Childhood technology company TALi Digital (TD1) has received positive results from its TALi DETECT study.
iCollege (ASX:ICT) continues delivering online education and maintaining cashflow

" iCollege (ASX:ICT) continues delivering online education and maintaining cashflow

iCollege (ICT) has announced where the company stands post-coronavirus, as it maintains international student numbers amid a slight revenue dip.
Janison Education Group (ASX:JAN) passes the test to provide University of London’s online exams

" Janison Education Group (ASX:JAN) passes the test to provide University of London’s online exams

Janison Education Group (JAN) has announced it will deliver online exams for the University of London (UoL), in a deal worth $650,000 over
TALi Digital (ASX:TD1) achieves Google For Education Partner status

" Kip McGrath Education Centres’ (ASX:KME) online education booms due to pandemic

Kip McGrath Education Centres (KME) has seen a rise in online education due to the current pandemic.