Friday, 22 February 2019 11:28

Sky and Space gets commitments for raising $12m

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Sky and Space gets commitments for raising $12m Courtesy Sky and Space Global

ASX-listed space company Sky and Space Global says it has obtained binding commitments to raise $12 million in a two-tranche share placement as part of a $15 million fund-raising effort.

The money will be used to launch the first batch of the company’s Pearls constellation nano-satellites network.

The launch, with Virgin Orbit, is due to take place by mid-2019 and is the first part of a plan to operate a network of 200 nano-satellites to provide affordable voice, data, instant messaging, M2M and IoT communications to the equatorial belt.

The company also plans to conduct a fully underwritten priority offer to raise a further $3 million, with an option to accept a further $1 million on the same terms in the event the offer is over-subscribed.

“We have undertaken this round of financing at a crucial time for the company, as we prepare to launch our first batch of Pearls nano-satellites into space,” said Meir Moalem, Sky and Space Global managing director and chief executive.

He added that “the support we have received is indicative of the confidence the market has in our ability to deliver on milestones and achieve the objectives we have set out for the company".

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Sam Varghese

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Sam Varghese has been writing for iTWire since 2006, a year after the site came into existence. For nearly a decade thereafter, he wrote mostly about free and open source software, based on his own use of this genre of software. Since May 2016, he has been writing across many areas of technology. He has been a journalist for nearly 40 years in India (Indian Express and Deccan Herald), the UAE (Khaleej Times) and Australia (Daily Commercial News (now defunct) and The Age). His personal blog is titled Irregular Expression.

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