Webwire: Connxion, Brain Resource, Cellnet

Connxion completes first stage of $1.5m capital raising; Brain Resource scores first directly-negotiated client win; Cellnet financial controller takes over secretary duties

Connxion completes phase one of $1.5m note issue

Data and transaction services company, Connxion Ventures (ASX:CXN), has announced it has completed the first phase of the raising of a $1.5 million convertible note.

Connxion said it would issue the note to two unnamed Australian investment companies, using the proceeds to upgrade its Electronic Bill Presentment and Payments platform and fund its regional growth strategy for Asia, and especially China.

The notes have a term of three years, a coupon of 12 per cent per annum, and may be converted at 1 ordinary share for $0.025 after 12 months, scaling to $0.0525 after 36 months.

CXN sharers stayed flat on Wednesday at $0.013.

Brain Resource announces US client win

Brain function analysis company, Brain Resource (ASX:BRC), said a recently contracted US client has gone live with its web consumer product MyBrainSolutions.

AstraZeneca Pharmaceuticals has launched MyBrainSolutions – an online brain training suite of tools – for 4,000 of its employees.

The client is the first employer Brain Resource has contracted with directly, improving its revenue share for the deal, the company said. BRC shares were unchanged on Wednesday at $0.350.

Cellnet appoints new company secretary

Flash memory and mobile phone accessory distributor, Cellnet Group (ASX:CLT), has appointed Christopher Barnes as its new company secretary.

Barnes, currently the company's Financial Controller, joined Cellnet in 2006. He replaces Don Mackenzie, who had been fulfilling the role as a part-time contractor.

The appointment was effective from Wednesday. CLT shares stayed still during the day's trading at $0.350.

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Tags software developmentcellnetConnXion VenturesappointmentsBrain Resourceconvertible noteMyBrainSolutions

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