- Kleos Space (KSS) has raised $19 million to progress its next satellite clusters
- The company will issue over 26 million CHESS Depositary Interest (CDIs) to new and existing investors at 72 cents each
- Funds from the placement will be used for the next satellite clusters which will be launched in mid-2021
- The placement follows the successful launch of its Kleos Scouting Mission
- Additionally, Kleos aims to launches its third cluster of satellites before the end of 2021
- On the market today, Kleos is down 6.98 per cent and is trading for 80 cents per share
Kleos Space (KSS) has raised $19 million to progress its next satellite clusters.
The company will issue over 26 million CHESS Depositary Interests (CDIs) to new and existing investors at 72 cents each. Kleos will issue the placement securities in two tranches.
Funds from the placement will be used for the next satellite clusters and plans to launch the second cluster of satellites in mid-2021 — dubbed the Polar Vigilance Mission.
Recently, the company successfully launched its Kleos Scouting Mission from the Satish Dhawan Space centre in India.
The satellites will detect and geolocate maritime radio frequency transmissions to provide global intelligence, surveillance and reconnaissance capabilities when imagery is unclear.
The data from this will allow governments and other organisations to detect hidden maritime activity such as illegal fishing, trafficking and smuggling in areas such as the South China Sea and the African Coast.
“We welcome and are delighted to be supported by both existing and new high-quality institutional investors who have recognised the Kleos vision and potential,” CEO Andrew Bowyer.
“The placement sets a strong foundation for Kleos Space following the successful launch of the Kleos Scouting Mission satellites. The launch and early orbit phase are progressing according to schedule after which we can commence the delivery of our data products,” he added.
Additionally, Kleos aims to launches its third cluster of satellites before the end of 2021.
On the market today, Kleos is down 6.98 per cent and is trading for 80 cents per share at 12:38 pm AEDT.