New Issue: Defense Industries raises $1.1 million in private placement of stock

By Sheri Kasprzak

Atlanta, June 20 - Defense Industries International, Inc. said it has completed a private placement for $1.1 million.

The company sold 1,833,334 shares at $0.60 each to Gov Financial Holdings, Avshalom Hershcovich, Multi Concept Ltd. and Ruth Creative Business Ltd.

The investors also received warrants for 365,000 warrants exercisable at $0.94 each through June 30, 2007 and 182,500 warrants exercisable at $2.40 each through June 30, 2010.

The investors also have the option to buy an additional 1,368,191 shares a year after the offering closes if the company's share price decreases.

Based in Ashkelon, Israel, Defense Industries develops products such as body armor and bullet-proof vests.

Issuer:	Defense Industries International, Inc.
Issue:	Stock
Amount:	$1.1 million
Shares:	1,833,334
Price:	$0.60
Warrants:	For 547,500 shares
Warrant expiration:	June 30, 2007 for 365,000 shares; June 30, 2010 for 182,500 shares
Warrant strike price:	$0.94 for 365,000 shares; $2.40 for 182,500 shares
Investors:	Gov Financial Holdings, Avshalom Hershcovich, Multi Concept Ltd. and Ruth Creative Business Ltd.
Settlement date:	June 15
Stock price:	$0.57 at close June 15

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