Sky and Space's nano-satellites will be launched into space later this month.

Sky and Space raises $10m

Wednesday, 3 May, 2017 - 12:36

Nano-satellite maker Sky and Space Global has bolstered its cash reserves after completing a $10 million capital raising.

The ASX-listed technology company raised the funds through the placement of 52.6 million shares at 19 cents each.

The proceeds to be used for general working capital, to advance its work programs and operations for the launch of its “full equatorial constellation” of telecommunications nano-satellites into orbit, with three of them due to be launched into space later this month.

“The result of our latest placement demonstrates the trust and confidence of our investors and our credibility as a brand,” chief executive Meir Moalem said.

“This capital raise also further insures our financial future. We are fully committed to justify this trust by ensuring the launch of the full equatorial constellation of nano-satellites is successful and delivered according to plan.

“We are just about to launch our first three nano-satellites, the 3 Diamonds, to space in a few weeks and we are really excited about this major milestone in our journey.

“Most importantly, we truly believe that our mission to deliver affordable connectivity to anyone, anywhere, anytime will make a positive impact on people living in remote areas and businesses operating in emerging markets.”

The placement was jointly managed by Merchant Corporate Advisory and Patersons Securities, working together with corporate adviser Chieftain Securities.

Sky shares were 7.5 per cent lower to 22.2 cents each at 12:30pm.