Australia-based Micro-X Ltd. completed its private placement of 7.4 million ordinary shares at 27 Australian cents per share.

Investors in the placement will also receive call options on a 1-for-2 basis, or a total of 3.7 million options.

Proceeds from the placement were A$2 million. Micro-X plans to use the proceeds for general working capital and for the production of its Carestream DRX Revolution Nano — a digital mobile X-ray system for use in hospital wards and intensive care units.