5G Networks have issued 10 million new fully paid shares to sophisticated and professional investors at $0.80 per share.
This will raise $8 million, before costs, which will be used to provide a strong capital base to allow further acquisitions and provide capital expenditure to advance the 5GN fibre network.
5G is the latest generation of cellular mobile communications, which targets a higher data rate, cost reduction and, energy saving than those which preceded it.
The most drastic change is how quickly your phone will get information from the internet and bring it back.
With 4G it takes 60 milliseconds but with 5G it could be as quick as 1 millisecond, which is vital for technologies such as self-driving cars from preventing accidents.
And it is just not limited to phones, it is predicted that 5G will be used for vehicles, infrastructure and, remote devices controls.
It is expected to launch on most networks by 2020 with some already trialling it.
Managing Director Joe Demase hopes the sale of these shares will allow more people to benefit from 5G.
“In addition, the capital raised will also be employed in expanding our fibre network along Australia’s east-coast growth corridor to extend our service offerings to existing customers and position 5GN for organic growth through enhancing our secure connectivity footprint,” he said.
Please find announcement attached here: https://hotcopper.com.au/data/pricesensitive/announcements/ASX/3A514362_5GN.html