Structural Monitoring Systems (ASX:SMN) has received a binding commitment to raise up to $1.337 million through a single tranche placement.
The placement was granted to New York-based hedge fund Drake Private Investments, a long-term, institutional, and largest shareholder.
Executive Chairman and CEO Ross Love says the additional investment from Drake reflects its growing confidence in the company’s achievements over recent quarters and the positive outlook ahead.
The placement follows a share purchase plan and placement late last year, which raised $7.2 million and provides Structural Monitoring Systems with ongoing funding.
Funds raised will be used towards continued product development and manufacturing capacity expansion for opportunities in avionics; expanded product development and business development capacity in relation to the company’s CVM technology; and general working capital.
Write to Adam Orlando at Mining.com.au
Image: Structural Monitoring Systems
