SMS raises $2.5m

PERTH-BASED Structural Monitoring Systems has made a share placement worth $2.38 million to Bermuda-based investment advisory firm Orbis Capital. The placement of 19.8 million shares at 12 cents each will be used to fund the ongoing development and commercialisation of the company’s Comparative Vacuum Monitoring (CVM) technology. SMS said it would also make a placement of 1.03 million shares to an undisclosed institutional investor at 12 cents a share, raising a further $124,000. Orbis Capital is part of the Orbis Group, a Bermuda-based global investment advisory firm that has approximately $7 billion under management. In June, SMS announced it had reached an agreement with Airbus to jointly develop its CVM technology for in-flight structural health monitoring of Airbus aircraft.More recently, last month SMS announced a commercial licence agreement with Boeing.

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