Alvarion to take in $1.2 million through private placement of stock

Company to sell ordinary shares, warrants to Clal Finance Underwriting

By Devika Patel

Knoxville, Tenn., June 25 - Alvarion Ltd. said it will take in $1.2 million in a private placement of stock with Clal Finance Underwriting Ltd.

The company will sell a number of its ordinary shares equal to about 10.5% of its pre-transaction outstanding share capital.

Clal Finance also will receive a number of warrants equal to about 5.1% of the company's pre-transaction outstanding share capital.

Settlement is expected on June 30.

The Tel Aviv company develops and manufactures wireless products.

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