The Directors of Arowana International Limited(AWN) are pleased to announce the successful completion of a redeemable convertible note issue, raising gross proceeds of $3.55 million from family offices and other professional and sophisticated investors.
Key terms of the convertible notes are available in the ASX announcement below.
In December 2019, DDLS, Australia’s largest IT training provider and a subsidiary of AWN’s wholly owned vocational and professional education and training company, EdventureCo, announced that it had entered into a partnership for Australia with New Horizons, the world’s largest independent IT training provider. This followed the demise of the New Horizons Australian master franchisee (NHA) and has resulted in DDLS recruiting key trainers and students from the previous NHA businesses. NHA was the second largest IT
training provider in Australia.
Proceeds from the redeemable convertible note issue will be applied by the Company towards investments which are consistent with its business objectives including general working capital to fund organic growth such as outlined above for its education business, as well as potential accretive bolt on acquisitions and to meet the costs of the capital raise.