Sky and Space to raise up to $15m

20/02/2019 - 12:17

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Michael Malone-chaired Sky and Space Global has received binding commitments to raise $12 million via a share placement, with a further $3 million to be raised through a priority offer.

The company's Pearls nano-satellites are set to launch by mid-2019.

Michael Malone-chaired Sky and Space Global has received binding commitments to raise $12 million via a share placement, with a further $3 million to be raised through a priority offer.

The share placement will be undertaken in two tranches, with shares in both tranches to be issued at 3 cents each, a 44 per cent discount to its 15-day volume-weighted average price of 5.4 cents prior to its February 4 trading halt.

Directors of the company are set to contribute $710,000 to the placement, with Michael Malone to invest $400,000.

The iiNet founder was appointed to the role in October.

The company said the $12 million would facilitate the launch of the first batch of its Pearls nano-satellites with Virgin Orbit by mid-2019.

It also announced a fully underwritten priority offer of $3 million, which will enable eligible shareholders to invest up to $15,000 each, and will allow up to $1 million of oversubscriptions.

Sky and Space managing director Meir Moalem said the funds would come at a crucial period for the company.

“We have undertaken this raise at a pivotal time for the company, as we prepare to launch our first batch of Pearls nano-satellites into space, and following this, start generating revenue from our existing customers through the binding signed contracts that we already have in place,” he said.

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