Family Zone Cyber Safety (ASX:FZO) raise $23 million for US expansion

Company News

by Lauren Evans

Family Zone Cyber Safety (ASX:FZO) have announced that they have raised $23 million through a placement with sophisticated investors.

The placement consisted of 42,990,654 new fully paid ordinary shares at an issue price of $0.535 per share, representing a 9.3% discount to the closing price on 22 June 2021.

Funding from the placement will be used to integrate a US education provider, Net Ref. The innovative education tool will be used across the United States and Australia.

The acquisition of Net Ref offers a comprehensive classroom management and learning analytics tool which, after its recent launch, has grown to exceed 450,000 students.

Shares in Family Zone Cyber Safety (ASX:FZO) are trading 3.39 per cent higher at $0.61.

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