BUR has raised $4.5m at .04c ..to fund its Satellite Business growth .
Then they will have a 1 for 5 consolidation from .04 to 2c
and a mcap of 9m ...post Consolidation.
What is an Operational, Micro Satellite business worth ?
Burleson Energy Ltd (ASX:BUR) (“BUR”) refers to the acquisition of nano-satellite company Sky and Space Global UK Limited (“SSG”) announced on 3 December 2015 and the proposed capital raising of at least $4.0 million.
BUR is pleased to announce that it has now received firm commitments of $4.5 million at a pre consolidation price of 0.4c per share (2.0 cents per share post consolidation) pursuant to the prospectus dated 22 March 2016 (“Capital Raising”), in excess of the $4.0 million minimum raising amount required for completion of the acquisition of SSG.
Patersons Securities Limited acted as Lead Manager to the Capital Raising.
BUR Director Peter Wall commented
“The strong interest from investors is extremely encouraging and with funding now committed, SSG will be able to continue its rapid push to disrupt the global satellite communications market with the near term launch of 3 nano-satellites to demonstrate an initial communication network.
The achievement of this phase and those beyond should see significant value accretion for existing Burleson shareholders and these new investors.”
The Capital Raising is conditional on BUR receiving shareholder approval for the acquisition of SSG and the issue of Capital Raising shares.
The General Meeting of BUR shareholders is to be held on Friday 1 April 2016 for approval of the SSG acquisition.
BUR Price at posting:
0.4¢ Sentiment: Buy Disclosure: Held
