Structural integrity monitoring company Structural Monitoring Systems (ASX:SMN) has arranged to raise $401,000 in capital through a share placement.
Under the arrangement, Structural has issued 48.3 million shares to clients of Mac Equity Partners at $0.83 cents per share.
In addition, Structural will issue one free option per share, convertible after three years.
As a result of the fund raising, the company has cancelled a proposed share purchase plan.
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