Deal offers 4,166,667 shares at $0.06 apiece with three-year warrants
By Devika Patel
Knoxville, Tenn., July 14 – Elbit Vision Systems Ltd. said it arranged a $250,000 non-brokered private placement of stock with SMD Advanced Technologies Ltd. on July 10. It has already raised $150,000.
The company will sell 4,166,667 ordinary shares at $0.06 each. The price per share is a 45.46% discount to the July 9 closing share price of $0.11. It sold 2.5 million shares in the first tranche.
SMD will also receive 50% warrant coverage. The warrants are exercisable at $0.08 for three years. The strike price is a 27.27% discount to the July 9 closing share price.
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: | Ordinary shares
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| Amount: | $250,000
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| Shares: | 4,166,667
|
| Price: | $0.06
|
| Warrants: | 50% coverage
|
| Warrant expiration: | Three years
|
| Warrant strike price: | $0.08
|
| Agent: | Non-brokered
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| Investor: | SMD Advanced Technologies Ltd.
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| Pricing date: | July 10
|
| Settlement date: | July 10 (for $150,000)
|
| Stock symbol: | OTCBB: EVSNF
|
| Stock price: | $0.11 at close July 9
|
| Market capitalization: | $8.08 million
|
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