By Sheri Kasprzak
New York, Aug. 8 - Elbit Vision Systems Ltd. plans to close a $1 million private placement with Shavit Capital Fund LP.
Shavit agreed to buy 3,174,603 shares at $0.315 each and also will receive warrants for 1,587,302 shares.
Each warrant is exercisable at $0.45 for four years.
The offering is slated to close Aug. 31.
Elbit Vision Systems, based in Kadima, Israel, produces automatic in-line inspection and quality monitoring systems used in the heavy manufacturing industry, including systems for the automotive, aeronautics, steel and other sectors.
| Issuer: | Elbit Vision Systems Ltd.
|
| Issue: | Stock
|
| Amount: | $1 million
|
| Shares: | 3,174,603
|
| Price: | $0.315
|
| Warrants: | For 1,587,302 shares
|
| Warrant expiration: | Four years
|
| Warrant strike price: | $0.45
|
| Investor: | Shavit Capital Fund LP
|
| Announcement date: | Aug. 8
|
| Settlement date: | Aug. 31
|
| Stock symbol: | OTCBB: EVSNF
|
| Stock price: | $0.30 at close Aug. 7
|
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