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.