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.

Are you a 708 sophisticated investor?

A sophisticated investor is defined under Section 708 of the Corporations Act (net assets of $2.5 million or annual incomes in excess of $250,000).

They are eligible to receive information regarding wholesale investment opportunities that are not available to regular or retail investors.

Please subscribe if you would like to be alerted to these types of opportunities.