OpenLearning Limited announced that it has issued 25,734,750 new common shares at a price of AUD 0.043 per share for the gross proceeds of AUD 1,106,594 on October 11, 2022. The transaction included participation from Education Centre of Australia Pty Ltd for 10.7% stake in the company. Rupesh K. Singh of Education Centre of Australia Pty Ltd will join the company board of directors as a non-executive director as part of the transaction.

The placement will utilise the company's existing capacity to issue the securities under ASX Listing Rule 7.1.The allotment of the new placement shares is anticipated to occur on or around 12th October 2022.