Canada’s TeraGo announced it is using the proceeds of a share offering to fund ‘technical and customer trials related to 5G technology in support of launching 5G fixed-wireless services in Canada’. This week TeraGo (a B2B cloud, colocation and connectivity service provider) agreed a CAD7.7 million (USD5.8 million) sale of shares to an underwriter syndicate led by TD Securities including an over-allotment option which if fully exercised will increase the gross proceeds of the sale to CAD8.9 million.
TeraGo owns a national spectrum portfolio of exclusive 24GHz and 38GHz wide-area spectrum licences including 2,120MHz of spectrum across Canada’s six largest cities. In October 2018 it disclosed plans for a 24GHz 5G fixed-wireless technical trial in the Greater Toronto Area (GTA) using millimetre wave equipment from Phazr, having purchased six 24GHz spectrum licences (totalling 960MHz) the previous month from Mobilexchange Spectrum Holdings for CAD5.66 million. TeraGo is currently using the spectrum to provide mobile internet services for its business customers.