Advised: Futuremedia on the issue of a convertible note to Cornell Capital Partners

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Deal summary

Futuremedia, an e-learning content and services provider, issued a convertible note worth $2.5 million to private investment firm Cornell Capital Partners.

  • An aggregate of up to 18,784,020 shares of our ADSs (i) which were issuable upon conversion of the Convertible Note and or exercise of the Warrant held by the selling shareholders and (ii) which were issued to the selling shareholders without further consideration.
  • A Warrant for 250,000 ADSs was issued to Cornell Capital Partners, LP with an exercise price of $0.70 per share.
  • A total of 187,500 fully paid and nonassessable ADSs were also issued to Cornell Capital Partners, LP
  • The proceeds from the Convertible Note and Warrant were used for the continued expansion of our employee benefit program products and services and general working capital.
  • There was no assurance that the Convertible Note will be converted or that the Warrant will be exercised.

About Futuremedia

Futuremedia is a leading provider of next-generation, value-driven e-learning content and services to public and private sector organizations. Backed by two decades of experience, the Company's content and services offerings include learning consultancy, Learning Management Systems, custom made learning programs and an extensive library of published courseware titles. The Company is also recognized as a pioneer and leader in the development and delivery of a range of fully managed, outsourced employee benefit programs for large organizations, including products and services falling under the UK's Home Computing Initiative (HCI), childcare voucher system and tax-free bicycle programs.

About Cornell Capital Partners

Cornell Capital Partners is a $4 billion private investment firm founded in 2013 by Henry Cornell, the former Vice Chairman of Goldman Sachs’ Merchant Banking Division. With offices in New York and Hong Kong, we focus on investments in the consumer, industrial/ business services and financial services sectors, often with a cross-border angle. The highly-seasoned leadership team has decades of shared investing experience, offering advantages in sourcing, structuring and executing a broad range of investments.

  • Deal value


  • Location

    New York, USA

  • Sector(s)

    Education, Technology

  • Deal type


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