ANNOUNCING PRIVATE PLACEMENT TO NEW AND EXISTING SHAREHOLDERS - DRAKE PRIVATE INVESTMENTS MOVES TO JUST UNDER 20% SHAREHOLDING LIMIT Structural Monitoring Systems plc (“SMS”) (ASX: SMN) is pleased to advise that the Company has raised $375,000 through the placement of 2,343,750 shares at 16 cents per share along with one free attaching option for every four shares purchased, exercisable at 25 cents and expiring 30th November 2016, pursuant to Section 708 of the Corporations Act. The placement was granted to prominent New York-based hedge fund Drake Private Investments, a long term strategic supporter of SMS and the Company’s largest shareholder, and professional investors. With the significant reduction achieved in SMS’s fixed monthly overhead in recent months, and given current cash on hand and anticipated order activity, it is expected that the funds raised will fully support the Company’s operations well into 2014.
SMN Price at posting:
22.0¢ Sentiment: Buy Disclosure: Not Held
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