NewSat has reported that it has raised $3.9 million under a share purchase plan.
The plan, announced late January, was aimed at raising up to $5 million in funds to continuing its operations expansion and strengthen its balance sheet.
“Having a strong balance sheet and a clean bill of health from our auditors is a significant step in the progress of the company and allows us to move forward and successfully progress our satellite launch ambitions under the Jabiru program,” chairman Richard Green said in an ASX statement.
In February the company announced that it had appointed two new directors to its board to progress development and growth.
During the month Green also issued a personal address to shareholders over the state of the company’s finances.