Structural Monitoring Systems (ASX:SMN) will raise about AU$1.3 million through a placement of 2.6 million new Chess Depositary Interests (CDI) priced at AU$0.52 apiece, according to a Friday filing with the Australian bourse.

The placement, granted to US-based hedge fund Drake Private Investments, also involves three free attaching options for every four placement CDIs subscribed for, with each option exercisable at AU$0.78, expiring on Nov. 30, 2027, the filing said.

The placement settlement is anticipated to be completed on Jan. 15, according to the filling.

Structural Monitoring Systems shares rose past 7% in afternoon trade Friday.