OPENLEARNING LIMITED — Capital/Financing Update 2021

Dec 14, 2021

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ASX Announcement | 15 December 2021

Despatch of Prospectus for Non-Renounceable Entitlement Issue

Sydney, Australia, 15 December 2021: OpenLearning Limited (‘OpenLearning’ or ‘the Company’) (ASX: OLL) confirms that the Prospectus and Entitlement and Acceptance form pursuant to the non-renounceable entitlement issue announced on 26 November 2021 (‘Offer’) was sent to all eligible shareholders on 15 December 2021.

Eligible shareholders who wish to take up their entitlement have until the closing date of the Offer, being 5.00pm AEDT on Friday, 24 December 2021, to accept their entitlement in full or in part.

Further information

For further information please refer to the Prospectus which has been despatched and is available on the Company's website (https://solutions.openlearning.com/) or by contacting the Company.

As detailed in the Prospectus, the Company intends to apply the funds raised from the Offer (less expenses) to fund its sales and marketing activities, for platform design and development and for working capital purposes. For further specifics of the use of funds please refer to section 3.1 of the Prospectus.

Ends.

Authorised by:

Adam Brimo Group CEO & Managing Director

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----- Start of picture text ----- OpenLearning Limited (ASX: OLL) 1ACN 635 890 390 • Phone: +61 2 8294 9686 • Web: www.openlearning.comAddress: Level 2, 235 Commonwealth Street, Surry Hills NSW 2010, Australia----- End of picture text -----