Proceeds to be used for progress payments to Lockheed Martin
By Devika Patel
Knoxville, Tenn., April 16 - NewSat Ltd. said it secured A$7.5 million through an equity funding commitment.
The funds raised form the completion of the rights issue announced in December. The company sold shares at A$0.60 per share, a 4.76% discount to A$0.63, the closing share price on April 13.
Proceeds will be used for progress payments to satellite builder Lockheed Martin.
The satellite and broadband communication services provider is based in Southbank, Australia.
| Issuer: | NewSat Ltd.
|
| Issue: | Equity funding commitment
|
| Amount: | A$7.5 million
|
| Price: | A$0.60
|
| Warrants: | No
|
| Settlement date: | April 16
|
| Stock symbol: | Australia: NWT
|
| Stock price: | A$0.63 at close April 13
|
| Market capitalization: | A$118.08 million
|
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