By Sheri Kasprzak
New York, June 25 - Elbit Vision Systems Ltd. concluded a $2 million private placement of stock.
The company issued 6,290,941 shares to financial institutions in Israel. The exact share price could not be determined by press time Monday.
The investors also received warrants for 3,145,472 shares, exercisable at $0.45 each for four years.
Also, the company entered into agreements with existing shareholders, including Mivtach Shamir Holdings Ltd., for another $3.7 million. The agreement includes an outstanding $3 million promissory note to be undertaken by Mivtach Shamir to convert a $1.5 million loan under the promissory note and invest the remainder at $0.315 per share.
Elbit, based in Kadmia, Israel, provides automatic in-line inspection and quality monitoring systems used by the manufacturing, aeronautics, steel and other sectors.
| Issuer: | Elbit Vision Systems Ltd.
|
| Issue: | Stock
|
| Amount: | $2 million
|
| Shares: | 6,290,941
|
| Warrants: | For 3,145,472 shares
|
| Warrant expiration: | Four years
|
| Warrant strike price: | $0.45
|
| Settlement date: | June 25
|
| Stock symbol: | OTCBB: EVSNF
|
| Stock price: | $0.32 at close June 22
|
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