HarvestRoad raises $1.2m to fund expansion

Perth-based eLearning software developer HarvestRoad Ltd has announced the raising of $1.24 million through the placement of 6.7 million shares at 18.5 cents per share.

The capital raising has been undertaken by the company to fund expansion into North America and the United Kingdom, supporting major contracts that the company has won in both of these geographic regions.

The company believes the servicing of these major contracts will contribute to strong revenue growth in 2006.

The allotment of shares will occur on or around 13 January.

The placement was made to institutional and sophisticated investor clients of Tolhurst Noall Ltd.

Last year, HarvestRoad completed a number of contracts with international customers including The Royal Netherlands Land Army, DeVry Inc., The rSmart Group, and the Office of Continuous Learning at the US Naval Postgraduate School.