- Software-as-a-service company OpenLearning (OLL) is poised to receive a $2.9 million cash injection from investment group Alchemy Tribridge
- Shares will be issued to Alchemy at 9.3 cents each, which is expected to hold a 19.9 per cent stake once the placement is completed
- Ben Shields, a founding partner of Alchemy, will also join OpenLearning’s board upon completion of the placement
- In addition, OpenLearning is looking to raise another $3.06 million through a non-renounceable rights issue for a total of $5.96 million
- Shares in OpenLearning are up 16.67 per cent to $0.10 as of 12:47 pm AEDT
Software-as-a-service company OpenLearning (OLL) is poised to receive a $2.9 million cash injection from investment group Alchemy Tribridge.
The placement will see just over 31.1 million shares issued to Alchemy at 9.3 cents each, along with $600,000 worth of options exercisable at the same price until September 30, 2022.
Alchemy, which focuses on the emerging field of “venture architecture”, is expected to hold a 19.9 per cent stake in OpenLearning once the placement has been completed. Ben Shields, a founding partner of Alchemy, will also join OpenLearning’s board.
“OpenLearning has a world-class Learning Management System which is distinctive in how it engages learners in group learning,” said Mehrdad Baghai, another founding partner of Alchemy.
“The lifelong learning market is significant and growing and we believe that with OpenLearning we have the potential to capture a greater share of the market.”
In addition to the placement, OpenLearning is looking to raise another $3.06 million through a non-renounceable rights issue to eligible shareholders. Investors have been invited to subscribe for one ordinary share for every six already owned, also at a price of 9.3 cents.
OpenLearning CEO and Managing Director Adam Brino said the funding will be used to position the company for a step-change in growth.
“With the direct involvement and assistance from Alchemy Tribridge, we will have additional resources to realise the value of OpenLearning’s technology and IP by pushing into new market segments and geographies,” Mr Brino said.
“We were at the same time keen to ensure our loyal shareholders had the chance to invest alongside Alchemy Tribridge as we continue to advance a number of growth initiatives.”
Shares in OpenLearning are up 16.67 per cent to $0.10 as of 12:47 pm AEDT.