By Sheri Kasprzak
Atlanta, April 18 - Magal Security Systems Ltd. said it raised $16,328,500 in a direct placement of stock.
The deal includes 1,275,000 shares sold at $9.50 each and 425,000 shares, sold to insiders of the company, at $9.92 each.
The insiders who purchased shares include company chairman and chief executive officer Jacob Even-Ezra, director Nathan Kirsh, a director and trustee of the company's Eurona Foundation and a controlling shareholder of Mira Mag Inc.
Lehman Brothers Inc. was the placement agent in the offering.
Based in Yehud, Israel, Magal produces security products, including motion detectors, and provides security management. The company plans to use the proceeds for general corporate purposes and working capital.
| Issuer: | Magal Security Systems Ltd.
|
| Issue: | Stock
|
| Amount: | $16,328,500
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| Shares: | 1.7 million
|
| Price: | $9.50 each for 1,275,000 shares; $9.92 each for 425,000 shares
|
| Warrants: | No
|
| Placement agent: | Lehman Brothers Inc.
|
| Pricing date: | April 14
|
| Settlement date: | April 18
|
| Stock price: | $9.92 at close April 15
|
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