10/12/2008 - 17:16

Structural raises over $1m

10/12/2008 - 17:16

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Embattled technology developer Structural Monitoring has raised over $1 million through a rights issue, enough to keep the company going on a reduced cost basis.

Embattled technology developer Structural Monitoring has raised over $1 million through a rights issue, enough to keep the company going on a reduced cost basis.

In October, Structural revealed a $4 million rights issue, saying the future of the company rested on the success of the capital raising.

In a statement released after market close, the company said it had received acceptances for 62 million shares and over-subscriptions for 498,898 shares, raising a total of $938,145

A shortfall of 191.5 million shares was left.

"The directors have also received applications for the placement of some of the shortfall which will increase the funds raised through this capital raising past $1 million, which was the minimum amount required to be raised as disclosed in the offer document," Structural said.

"The funds raised will enable the Company to recommence operations with a reduced cost structure, non-customer funded research activities suspended, and with a focus on the production, sales and product support to meet future customer demand for CVM products."

The company is currently commercialising its Comparative Vacuum Monitoring technology, which detects structural flaws in aircraft fuselage.

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

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