By Sheri Kasprzak
Atlanta, Nov. 19 - Orbimage Inc. said Friday it raised $32.5 million in a private placement of units.
On Nov. 16, the company sold 3.25 million units of one share and one warrant at $10 per unit in the first tranche of a financing.
The warrants in the offering allow for the purchase of an additional share at $10 for five years.
The company also issued 1 million warrants for a share at $10 for five years to an investor group. The investor group has committed to buy up to an additional 3.25 million units if the offering is not fully subscribed.
Orbimage is a global satellite imaging company based in Dulles, Va. The company plans to use the proceeds from the financing to fund its new satellite program, NextView.
| Issuer: | Orbimage Inc.
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| Issue: | Units of one share and one warrant
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| Amount: | $32.5 million
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| Shares: | 3.25 million
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| Price: | $10
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| Warrants: | One warrant per unit
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| Warrant expiration: | Five years
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| Warrant strike price: | $10
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| Announcement date: | Nov. 19
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| Settlement date: | Nov. 16
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| Stock price: | $13.75 at close Nov. 16
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| Stock price: | $15.20 at close Nov. 19
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