READCLOUD LIMITED — Capital/Financing Update 2023

Aug 6, 2023

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ASX Release

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7 August 2023

Non-Renounceable Entitlement Offer Dispatch of Prospectus and Entitlement and Acceptance Form

ReadCloud Limited (ASX: RCL) (“ReadCloud” or “the Company") confirms that the prospectus dated 28 July 2023 (“Prospectus”) and Entitlement and Acceptance Forms in respect of the fully underwritten pro-rata non-renounceable entitlement issue as announced on 27 July 2023 has today been dispatched to Eligible Shareholders.

The Company is offering one (1) fully paid ordinary share in the capital of the Company (“Share”) for every five (5) Shares held by Eligible Shareholders registered on the record date of 3 August 2023 at an issue price of $0.06 per Share, together with one (1) freeattaching unquoted option for every two (2) Shares applied for and issued, with an exercise price of $0.10 and an expiry date which is 18 months from the date of issue (“Offer”). Eligible Shareholders who take up their Entitlements in full may also apply for additional new Shares at the issue price in excess of their Entitlements (Shortfall Shares) under the Shortfall Facility.

A copy of the Prospectus as dispatched to eligible shareholders was released to ASX on 28 July 2023 and can be downloaded from the website of the Company at https://readcloud.com/. Further details of the Offer, including details on how to accept the offer and key risks associated with an investment in the Company are set out in the Prospectus. Applications for new Shares under the Offer may only be made by following the instructions set out in the Entitlement and Acceptance Form, which accompanies the Prospectus. Shareholders eligible to participate in the Offer should read the Prospectus carefully and consult their professional advisers as necessary.

The closing date of the Offer is Monday, 28 August 2023 (unless otherwise extended).

This announcement was authorised for release by the Board of Directors of ReadCloud Limited.

CONTACTS:

Investors & Media:

Luke Murphy, Chief Financial Officer +61 409 933 924

Readcloud Limited | Level 1, 126 Church Street, Brighton, Victoria, 3186 P +61 3 9692 7222 | W www.readcloud.com ABN 44 136 815 891

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About ReadCloud Limited

ReadCloud is a leading provider of eLearning technology and industry-based training supporting schools and educational institutions.

ReadCloud’s eReader platform creates an engaging and collaborative learning environment with access to dynamic, interactive content from leading publishers. Teachers and students benefit from social annotations, media-rich embedding options, cross-platform compatibility, and an engaging text-to-speech feature available in 120 languages.

ReadCloudVET enables the delivery of 49 qualifications to 13,000 learners across three specialist Registered Training Organisations (RTOs) in Vocational Education and Training Delivered to Secondary School Students.

ReadCloud’s connection to industry and career pathways extends to Southern Solutions Training Services, an RTO with 14 qualifications on scope and specialising in flexible and blended training models including delivery in a genuine workplace environment for qualifications in Early Childhood Education and Care, Business, Aged Care, Hospitality, Logistics and Real Estate.

Readcloud Limited | Level 1, 126 Church Street, Brighton, Victoria, 3186 P +61 3 9692 7222 | W www.readcloud.com ABN 44 136 815 891