By Sheri Kasprzak
New York, Aug. 3 - Elbit Vision Systems Ltd. said it has entered into a term sheet for a $2 million private placement of stock.
The company sold 4 million shares at $0.50 each to Mivtach Shamir Holdings Ltd.
Mivtach Shamir will also receive warrants for 4 million shares, exercisable at $0.50 each for two years.
The offering is expected to close in November.
The closing is subject to Mivtach's purchase of 4.7 million shares from four of the founders of Elbit's recently acquired subsidiary ScanMaster Systems Ltd.
Based in Yoqneam, Israel, Elbit Vision manufactures optical inspection and quality monitoring systems for the industrial web and microelectronic industries.
| Issuer: | Elbit Vision Systems Ltd.
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| Issue: | Stock
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| Amount: | $2 million
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| Shares: | 4 million
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| Price: | $0.50
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| Warrants: | For 4 million shares
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| Warrant expiration: | Two years
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| Warrant strike price: | $0.50
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| Investor: | Mivtach Shamir Holdings Ltd.
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| Announcement date: | Aug. 3
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| Stock price: | $0.65 at close Aug. 2
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