Structural Monitoring Systems (ASX:SMN) looks to raise $9.2m via entitlement offer

• Structural Monitoring Systems (SMN) seek to raise approximately $9.2 million (around 10.2 million CDIs) via entitlement offer
• Eligible shareholders are invited to participate in the entitlement offer of one new CDI for every 12 CDIs held at the record date of March 16 at 7:00 pm AEDT at an issue price of 90 cents per new CDI
• Participating shareholders will also be issued with one free attaching unlisted option for every two new CDIs subscribed for with an exercise price of $1.20 per option, expiring April 6, 2024
• SMN has not disclosed what the capital raise funds will be used for
• SMN shares hold steady at $1.00 per share

Structural Monitoring Systems (SMN) are seeking to raise approximately $9.2 million via an entitlement offer.

Eligible shareholders in Australia, New Zealand and British Columbia (Canada) are invited to participate in the entitlement offer of one new CDI for every 12 CDIs held at the record date of March 16 at 7:00 pm AEDT at an issue price of 90 cents per new CDI.

The entitlement offer will be giving out around 10.2 million CDIs.

Participants will also be issued with one free attaching unlisted option for every two new CDIs subscribed for with an exercise price of $1.20 per option, expiring April 6, 2024.

SMN will issue around 5.11 million options, assuming the offer is fully subscribed.

Eligible CDI holders will have the right to apply for additional CDIs in excess of their entitlement under a shortfall offer.

The company directors have confirmed that they intend to subscribe for their full entitlement.

The opening date of the entitlement offer is tentatively set for March 21 and the tentative closing date is March 30 at 5:00 pm AEDT.

SMN has not disclosed what the capital raise funds will be used for.

SMN shares hold steady at $1.00 per share at market open.