Sky and Space Global placement heavily oversubscribed and closed

Company News

by Jessica Amir

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.

Jessica Amir

Finance News Network
Jessica joined FNN in January 2017 after having worked in financial advising for seven years and in TV journalism for seven years, specialising in finance, equities and analysis. She has interviewed former Prime Ministers of Australia, Tony Abbott, Julia Gillard and Kevin Rudd and ex Treasurer Jo Hockey. Jessica has worked as a journalist with Sky News Business, ABC 1, ABC's The Business, ABC24 and has also been a regional Channel 7 and 9 TV reporter with Prime7 and Win News.