In addition, the company is launching a fully underwritten $5 million share purchase plan, to enable existing shareholders to participate on the same terms and purchase up to $15,000 per shareholder.
Launching 20 nano-satellites in Q1 2019
Proceeds from this capital raising will be used primarily for the completion of design, construction and launch costs of the first batch of circa 20 Pearl nanosatellites, scheduled for Q1 2019 launch.
Sky and Space Global’s Pearls constellation mission is expected to have circa 200 autonomous communication nanosatellites in orbits by 2020, giving equatorial coverage of the Earth.
The company is aiming to provide narrowband communication services across large parts of Asia, Central Africa and Central/South America.
Three nanosatellites already launched into space
Sky and Space Global has already successfully launched its first three nanosatellites, the ‘3 Diamonds’, into space in June 2017.
The 3 Diamonds delivered the world’s first phone calls, instant messaging, data transfers and financial transactions using nanosatellites during Q3 and Q4 2017.
The company recently signed with Paratus Group to explore opportunities for its nano-satellites in the point-of-sale (POS) device market in Africa.
The parties will perform a field trial where the POS will be connected to a banking partner through the Sky and Space (SAS) network.
The deployment of POS device is becoming widespread in Africa with a rate of 450 devices per 100,000 people in some countries.