KneoMedia's fundraising initiative

KneoMedia (ASX:KNM) has announced a non-renounceable pro-rata entitlement offer to raise approximately $1.25 million. Shareholders can acquire 3.5 new shares for every 10 shares held, priced at $0.0015 each. The offer is fully underwritten, with Mr. Antanas Guoga as the primary underwriter. Funds will be used for KneoScience platform advancements, offer costs, and working capital. The offer closes on November 20, 2024.

Understanding KneoMedia's capital raise strategy

KneoMedia is launching a fully underwritten entitlement offer to raise $1.25 million for the development of its KneoScience platform, cover offer costs, and support working capital. Shareholders in Australia and New Zealand can participate, with no trading of entitlements on the ASX. The offer, closing on November 20, 2024, aims to issue up to 830,012,666 new shares, increasing the total to 3,201,477,425 shares. Despite being a highly speculative investment, KneoMedia is determined to resume trading on the ASX following the offer.

Executive insights on the entitlement offer

The entitlement offer will provide the necessary capital to advance our KneoScience platform. We are grateful for the support of our shareholders and underwriter Mr. Antanas Guoga in ensuring the success of this endeavor. The funds will be pivotal in driving our technical progress and securing our financial stability.