By Sheri Kasprzak
New York, May 18 - VocalTec Communications Ltd. completed a $5,142,500 private placement.
A group of institutional investors agreed to buy 935,000 shares at $5.50 each. The offering is equal to 17% of VocalTec's outstanding share capital.
The investors agreed to buy 374,000 shares, exercisable at $7.90 each for five years.
JMP Securities LLC was the placement agent.
The deal is expected to close at the end of May.
The proceeds will be used for working capital.
Located in Herzlia, Israel, VocalTec is a voiceover internet protocol provider.
| Issuer: | VocalTec Communications Ltd.
|
| Issue: | Stock
|
| Amount: | $5,142,500
|
| Shares: | 935,000
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| Price: | $5.50
|
| Warrants: | For 374,000 shares
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $7.90
|
| Placement agent: | JMP Securities LLC
|
| Announcement date: | May 18
|
| Stock symbol: | Nasdaq: VOCL
|
| Stock price: | $6.56 at close May 18
|
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