By Sheri Kasprzak
Atlanta, June 30 - Better Online Solutions Ltd. said it has raised $1.7 million in a private placement of stock and expects to raise a total of $2,193,505 from the offering.
The company has received agreements for a total of 953,698 shares at $2.30 each.
The remaining $500,000 of the offering will be received within 30 days, according to a statement from Better Online.
The investors, which include Catalyst Fund LP, Brada Investments Ltd., Vamos Inc., Arizona Maritime Inc., Egean Financiera Corp. and Meitav Gemel Ltd., will also receive warrants for 572,219 shares at $2.50 each during the first year, increasing to $2.75 and $3.03 per share on the first and second anniversaries, respectively.
Catalyst, the company's majority shareholder, bought $793,500 of the offering.
Based in Teradyon, Israel, Better Online develops voiceover internet protocol and other Web-based voice and data communications products.
| Issuer: | Better Online Solutions Ltd.
|
| Issue: | Stock
|
| Amount: | $2,193,505
|
| Shares: | 953,698
|
| Price: | $2.30
|
| Warrants: | For 572,219 shares
|
| Warrant expiration: | Three years
|
| Warrant strike price: | $2.50 for the first year, $2.75 after the first anniversary and $3.03 after the second anniversary
|
| Investors: | Catalyst Fund LP, Brada Investments Ltd., Vamos Inc., Arizona Maritime Inc., Egean Financiera Corp. and Meitav Gemel Ltd
|
| Pricing date: | May 24
|
| Settlement date: | June 30
|
| Stock price: | $2.20 at close June 29
|
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