<article>ASX-listed Sky and Space Global Ltd has secured commitments for raising $12 million in a two-tranche share placement as part of a $15-million fundraising effort, according to an official release.</article>

ASX-listed Sky and Space Global Ltd has secured commitments for raising $12 million in a two-tranche share placement as part of a $15-million fundraising effort, according to an official release.
The offering has received the backing of existing SAS investors as well as several new institutional and professional investors, it said. In addition, SAS chairman Michael Malone, managing director and CEO Meir Moalem and other directors will be investing $710,000 in the placement.
The funds raised will be used to facilitate the launch of the first batch of the company’s Pearls constellation nano-satellites network. The launch with Virgin Orbit is scheduled to take place by mid-2019 and marks the beginning of the company’s plan to operate a network of 200 nano-satellites to provide around the clock affordable voice, data, instant messaging, M2M and IoT communications to the equatorial belt.
The company expects to resume trading on ASX and plans to raise an additional $3 million with an option to accept a further $1 million on the same terms in the event the offer is oversubscribed.
The company plans to use the proceeds primarily for capex payments to suppliers, completion of first Pearl launch activities, working capital needs and general administration costs. The financing will enable Sky and Space Global’s Pearl nano-satellites network to move to the next stage and start generating revenue by late 2019.
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The funds raised will be used to facilitate the launch of the first batch of the company’s Pearls constellation nano-satellites network.

ASX-listed nano-satellite operator Sky and Space Global raises $12m

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ASX-listed nano-satellite operator Sky and Space Global raises $12m

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