Structural integrity testing developer Structural Monitoring Systems (ASX:SMN) has arranged to raise $500,000 through a share placement.
The company said it had executed a capital raising mandate with Mac Equity Partners to place 55.5 million shares at $0.009 per share, together with 55.5 million free attaching options.
Part of the proceeds will be used to provide working capital to deliver an order to supply its Om-Board CVM instrumentation system to Brazilian aircraft manufacturer Embracer.
The funds will also be used to help win and fulfil an order from a Chinese aircraft fatigue test instrument which has expressed an interest in its CVM Laboratory equipment, and other orders.
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