- Beam Communications (BCC) has completed a share placement and successfully raised $5 million
- The company decided to increase the initial target of $2.5M after the lead manager, Peak Asset Management, received more than $14M in bids
- Further, participants received one option for every three new shares subscribed for
- The option will have an exercise price of 50 cents with expiry on December 31, 2022
- Beam will use the funds to expand its global messaging device ZOLEO into new markets in Asia and Europe and develop new Iridium Certus devices
- After emerging from a trading halt, Beam is up a steady 11.3 per cent with shares trading for 34.5 cents each
