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- Structural Monitoring Systems (SMN) receives binding commitments to raise $1.65 million via a share placement
- The funds will be raised via the issue of up to 5.5 million new CDIs to institutional and sophisticated investors at an issue price of 35 cents
- SMN will use the money to accelerate the Comparative Vacuum Monitoring (CVM) commercialisation strategy and its day-to-day commercial operations
- The company’s CVM tech is designed to drastically reduce the time and effort required to detect cracks in Boeing 737-800 aircrafts
- SMN is down 6.98 per cent on the market with shares trading at 40 cents at 1:44 pm AEST
Structural Monitoring Systems (SMN) has received binding commitments to raise $1.65 million via a share placement.
The funds will be raised via the issue of up to 5.5 million new CDIs to institutional and sophisticated investors at 35 cents.
This price represents an 18.6 per cent discount to SMN’s closing price of 43 cents on September 9 and a 7.8 per cent discount to the 10-day volume-weighted average price.
Participants will also receive one free-attaching option for every one share subscribed for, exercisable at $1.20 with expiry on April 6, 2024.
SMN will use the money to accelerate the Comparative Vacuum Monitoring (CVM) commercialisation strategy and for its day-to-day commercial operations.
The company’s CVM tech is designed to drastically reduce the time and effort required to detect cracks in Boeing 737-800 aircrafts.
“This small increment of additional funding is critical to supporting our current momentum towards commercialising our CVM product and services and ensuring we are adequately resourced to do so,” Executive Chairman Ross Love said.
“I can confirm that we have received our first formal request for quotation for the supply of the initial sensor kits to Delta Airlines, and that other commercial discussions are currently progressing well.”
SMN was down 6.98 per cent on the market with shares trading at 40 cents at 1:44 pm AEST.
