Spacetalk (ASX: SPA) taps investors for $760k

• Spacetalk (SPA) raises $760,000 through a placement to professional and sophisticated investors
• The placement comprised the issuance of 34 million new shares at 2.2 cents each
• SPA announces a rights issue to raise additional capital
• placement participants will receive one option for every two new shares subscribed for, subject to SPA shareholders
• SPA shares last traded at 2.1 cents

Spacetalk (SPA) has completed an equity raising of $760,000 through a placement to professional and sophisticated investors.

The placement comprised the issuance of 34 million new shares at 2.2 cents each.

The company also announced a partially underwritten non-renounceable rights issue on a 1-for-2.5 basis to raise additional capital to offer working capital and capital to support short-term strategic initiatives.

“We are delighted that our shareholders have chosen to support Spacetalk with significant investments via a single-tranche placement,” SPA CEO and Managing Director Simon Crowther said.

“This is a strong show of faith in our leadership team and our strategy.

“We look forward to continuing to execute and demonstrating progress to all our investors.”

Additionally, placement participants will receive one option for every two new shares subscribed for, subject to SPA shareholders.

Veritas Securities acted as the lead manager for the placement and will continue to serve in the rights issue.

SPA shares last traded at 2.1 cents.