Structural Monitoring Systems to Raise Over AU$1 Million via Private Placement; Shares Up 7%
MT Newswires Live
Jan 10
Structural Monitoring Systems (ASX:SMN) will raise about AU$1.3 million through a placement of 2.6 million new Chess Depositary Interests (CDI) priced at AU$0.52 apiece, according to a Friday filing with the Australian bourse.
The placement, granted to US-based hedge fund Drake Private Investments, also involves three free attaching options for every four placement CDIs subscribed for, with each option exercisable at AU$0.78, expiring on Nov. 30, 2027, the filing said.
The placement settlement is anticipated to be completed on Jan. 15, according to the filling.
Structural Monitoring Systems shares rose past 7% in afternoon trade Friday.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.