Join our daily newsletter At The Bell to receive exclusive market insights
- Beam Communications (BCC) has completed a share placement and successfully raised $5 million
- The company decided to increase the initial target of $2.5 million after the lead manager, Peak Asset Management, received more than $14 million in bids
- Participants also received one option for every three new shares subscribed for with an exercise price of 50 cents and expiry on December 31, 2022
- Beam will use the funds to expand its global messaging device ZOLEO into new markets in Asia and Europe and develop new Iridium Certus devices
- After emerging from a trading halt, Beam is up a steady 11.3 per cent with shares trading for 34.5 cents each
Beam Communications (BCC) has completed a share placement and successfully raised $5 million.
The company decided to increase the initial target of $2.5 million after the lead manager, Peak Asset Management, received more than $14 million in bids.
Shares were priced at 25 cents each which represents a slight five per cent discount to the 30-day volume-weighted average price.
Further, participants received one option for every three new shares subscribed for. The option will have an exercise price of 50 cents with expiry on December 31, 2022.
Beam will use the funds to expand its global messaging device ZOLEO into new markets in Asia and Europe, support the appointment of nation retailers, and develop new Iridium Certus devices.
“In somewhat uncertain times, it’s very pleasing to receive overwhelming interest for the capital raising from professional and sophisticated investors even though the offer is priced as such a small discount to Beam’s recent market price,” CEO Michael Capocchi said.
“Funds from the capital raising will ensure that Beam is sufficiently resourced to embark on our next exciting growth phase, and I would like to welcome all our new shareholders to join us on this journey,” he added.
After emerging from a trading halt, Beam is up a steady 11.3 per cent with shares trading for 34.5 cents each at 2:39 pm AEDT.
