- 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.