- Structural Monitoring Systems (SMN) raises $4.9 million through an entitlement offer to fund its commercialisation strategy
- The company will issue a total 5.46 million new shares at 90 cents each
- Participants will receive one attaching option for every two new shares subscribed for, exercisable at $1.20 each and expiring in two years
- The company was originally seeking to raise $9.2 million and intends to allocate the shortfall
- Shares have ended the day a slight 0.58 per cent in the red at 86 cents each
Aircraft technology company Structural Monitoring Systems (SMN) has raised $4.9 million through an entitlement offer to fund its commercialisation strategy.
The company will issue a total 5.46 million new shares at 90 cents each.
Company directors and key executives applied for their full entitlement.
Participants will receive one attaching option for every two new shares subscribed for, exercisable at $1.20 each and expiring in two years.
The company was originally seeking to raise $9.2 million and intends to allocate the shortfall.
SMN has developed a Comparative Vacuum Monitoring (CVM) Sensor product, which improves efficiency of detecting cracks in metal structures, including aircrafts. Majority of the funds will be used to commercialise this offering.
Executive Chairman Will Rouse said the funds will help accelerate the company’s growth.
“We are extremely pleased with the results of the entitlement offer, particularly as it has been conducted against a backdrop of geopolitical uncertainty and broader equity market volatility,” Mr Rouse said.
“The company is now in a position to fund its commercialisation strategy including additional headcount hires in its key North American and European markets.”
Shares ended the day a slight 0.58 per cent in the red at 86 cents each.