Author - Kate Prebble

Cluey acquires Code Camp

Cluey acquires Code Camp

Cluey (CLU) has raised $12 million to buy coding and digital skills provider Code Camp for $8 million.

The purchase will extend Cluey's offerings, as well as enable the company to offer face to face school holiday camps and after school programs.

Code Camp has delivered code and digital skill courses to more than 100,000 school children across 350 Australians.

Cluey will pay for Code Camp through cash and shares and undertook a $12 million placement to sophisticated and professional investors.

Under the placement, the company issued more than 10.4 million shares at $1.15 each, representing a 5.7 per cent discount to the last closing price on August 27.

Additionally, Cluey will also undertake a $2 million share purchase plan (SPP) to existing shareholders.

The SPP will provide each of the eligible shareholders with the opportunity to apply for up to $30,000 worth of shares at the same price as the placement.

Commenting on the capital raise is Cluey CEO Mark Rohald.

"This additional capital enables us to extend our reach into the broader learning support market," Mr Rohald told the market.

"We are now well placed to take advantage of a range of partnering, licensing and mergers and acquisition opportunities to further accelerate our growth."