KneoMedia's entitlement offer details

KneoMedia (ASX:KNM) has issued a replacement prospectus for a non-renounceable pro-rata entitlement offer. This offer allows eligible shareholders to acquire 3.5 new shares for every 10 held at $0.002 each, with an extra free share for every three entitlement shares subscribed. The offer seeks to raise around $1.66 million and is fully underwritten, closing on 22 November 2024.

Overview and future outlook

KneoMedia has announced a replacement prospectus for its entitlement offer, aiming to raise approximately $1.66 million. The funds will be used to advance their educational platforms and for working capital. The offer is fully underwritten by Antanas Guoga and includes changes from the original prospectus, such as an increased issue price and the addition of free attaching shares. The offer is restricted to shareholders in Australia and New Zealand, with a closing date of 22 November 2024. KneoMedia is focused on enhancing its platforms while navigating financial challenges, including suspended trading on the ASX and material uncertainties regarding its financial position.

Executive insights on the offer

The capital raised through this offer will support further technical advancement of the KneoScience and KneoWorld platforms, as well as cover costs associated with the offer and general working capital expenditure.