Sky and Space Global Limited (ASX:SAS) says it has closed its $10 million placement after it was heavily oversubscribed.
The satellite communication company received firm commitments from investors to buy over 52 million shares [52,631,579] for 19 cents each.
Sky and Space plans to use the proceeds to advance critical path work programs and operations for the launch of the full-equatorial constellation.
The funds will also be used to launch the company’s 3 diamonds nano-satellites, which is scheduled for late May 2017.
Following the placement the company will have over $12 million in cash at the bank.
Shares in Sky and Space Global Limited (ASX:SAS) are trading 12.5% lower to 21 cents.