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SpaceDev Closes $2.5 Million Financing And Expands Credit Facility
Poway CA (SPX) Aug 31, 2004 SpaceDev has received $2.5 million in preferred stock financing and increased its revolving credit facility to $1.5 million through the Laurus Master Fund (Laurus), a New York-based institutional fund that specializes in providing financing to growing, small and micro-capitalization companies. "The purpose of this financing is to take yet another step in strengthening our balance sheet and providing capital to finance the growth of the Company," said Richard B. Slansky, SpaceDev's chief financial officer. "As interest in our Company and technologies grow, we believe our plan to create a stronger balance sheet will help us obtain new and larger contracts under more favorable terms." SpaceDev sold Laurus 250,000 shares of 6.85% convertible preferred stock priced at $10.00 a share, resulting in gross proceeds to the Company of $2.5 million. The preferred stock is convertible at a fixed price of $1.54 per share and dividends are payable in cash or through the issuance of the Company's common stock. The underlying common shares are initially restricted; however, SpaceDev has committed to file for registration of the shares with the SEC. Pursuant to this financing, Laurus was also issued a five-year warrant to purchase 487,000 shares of common stock at $1.77 per share. The Company has the unilateral right to re-purchase the preferred stock under certain circumstances. "The proceeds from this financing will be used for the continued growth of our business and will cover our currently projected working capital needs," Mr. Slansky stated. "The combination of the financing and increase in our existing credit facility provides us with a solid financial foundation." Eugene Grin, fund manager for Laurus and a supporter of SpaceDev, said, "We continue to believe in the management of SpaceDev and the future prospects of the Company. This financing along with our increased credit facility demonstrates our continued commitment to SpaceDev." "The success of this financing allows SpaceDev the opportunity to aggressively scale up our design and development activities and pursue additional commercialization opportunities for our revolutionary microsatellites and safe, low cost rocket propulsion for manned and unmanned space flight," commented Jim Benson, SpaceDev's founding chairman and chief executive officer. "We are pleased with the continued strong support from Laurus and their recognition of SpaceDev's unique approach to space development and our future market potential." Community Email This Article Comment On This Article Related Links SpaceDev SpaceDaily Search SpaceDaily Subscribe To SpaceDaily Express Microsat News and Nanosat News at SpaceMart.com
Small Satellite Solutions From Scotland
Clyde, Scotland (SPX) Jan 12, 2006Clyde Space are offering the growing ranks of small satellite manufacturers power subsystem solutions for their missions. Based in purpose built facilities on West of Scotland Science Park in Glasgow, Clyde Space has a range of power subsystems for missions from as little as 1W up to in excess of 2.5kW. |
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