Strategic investment via convertible note and share placement for binding commitments of $5m

What's happened?

Schrole Group Limited (ASX:SCL) has announced the completion of a convertible note offering and a share placement with a number of institutional and sophisticated investors.

What are the key highlights?

1. Schrole has received binding commitments for $5m via a convertible note and placement.
2. Faria Education Ltd. is to invest AUD $2.9 million in Schrole, via a convertible note, which subject to shareholder approval, will convert into a 19.99% strategic stake. The convertible notes convert to ordinary shares at a deemed price of 1.06 cents, representing a 21.8% discount to Schrole's 10- Day Volume Weighted Average Price.
3. Faria Education Ltd is a world-leader in online education systems and services and powers curriculum for more than 10,000 schools and districts and three million students.
4. Placement to sophisticated and professional investors successfully raised $2.12 million (before costs) at 1.06 cents.
5. Funds to be used to support and accelerate planned technical and product development initiatives, cross selling initiatives and working capital to underpin this significant growth opportunity.

For further details, please refer to the announcement linked below.