Sky and Space Global Limited (ASX:SAS) announced that it has entered into binding commitments for 400,000,000 fully paid ordinary shares at a price of AUD 0.03 per share for gross proceeds of AUD 12,000,000 on February 20, 2019. The transaction will include participation from sophisticated and institutional investors including existing investors. The transaction will take place in two tranches. In the first tranche the company will issue 260,422,667 shares for gross proceeds of AUD 7,812,680 and is expected to close on February 22, 2019. In the second tranche the company will issue 139,577,333 shares for gross proceeds of AUD 4,187,320 and is subjected to shareholders approval in he general meeting to be held on April 2019. The shares to be allocated to the directors of the company will be apportioned across two tranches with the investment of AUD 710,000, and from Michael Malone for AUD 400,000. The shares will be issued at discount. The investors will also receive one free attaching listed option for every share issued, with an exercise price of AUD 0.05 and a 3-year expiry date from the date of issue. The issue of options is subject approval of shareholders at the shareholder meeting.