Ann: $12m Placement Secured and $3m Priority Offer Underwritten, page-61

Sky and Space Global has received signed binding commitments for a two-tranche Placement toinstitutional, sophisticated and professional investors, to raise $12 million (before costs).

1) an offer of 260,422,667 fully paid ordinary shares (Shares) in Sky and Space Global at an issue priceof $0.03 per share to raise $7,812,680. The Placement Shares will be issued pursuant to theCompany’s available placement capacity under ASX Listing Rule 7.1 and the issue is expected tooccur on Friday 22 February once all Placement funds are cleared in the Company’s bankaccount following lodgement of a Prospectus;

and2) an offer of 139,577,333 fully paid Shares in Sky and Space Global at an issue price of $0.03 pershare to raise $4,187,320, to be issued subject to approval at a General Meeting of Shareholdersto be held in April 2019 (Shareholder Meeting).

My take away thoughts about these few lines are 

1) Risk on. The soph investors want a heavy discount considering the risk
2) SAS management - are on a short leash. Two-Tranche Placement makes me think the "sophs" will be watching the cost cutting measures as well as other developments. If they are not satisfied I assume they there is a clause not to pull out of tranche 2.