The UK company Sky and Space Global has received signed binding commitments for raising $12m in a two-tranche share placement to investors as part of its $15m fundraising effort. The placement is priced at $0.03 per share and is conditioned on the lodgement of the prospectus. The funds are to be used to facilitate the launching of the first batch of the company’s Pearls constellation nano-satellites network. 

UK-based company Sky and Space Global, which works to provide affordable communications to the world's equatorial regions, has expanded its reach into Indonesia and Suriname.The company has signed a binding memorandum of understanding agreement with Cendrawasih Teknologi Nusantara (CTN) to provide the Indonesian company with nanosatellite connectivity services.