By Sheri Kasprzak
New York, Jan. 3 - Elbit Vision Systems Ltd. said it has completed a private placement of a convertible loan for $3 million.
The two-year loan is payable in 30 equal monthly installments and is initially convertible into a total of 6 million shares at $0.50 each.
The investor, Mivtach Shamir Holdings Ltd., will receive warrants for 4 million shares, exercisable at $0.50 each for two years. The warrants are only exercisable if Mivtach Shamir converts the loan.
The offering will be concluded in March.
Completion of the deal is subject to Mivtach purchasing 2,939,192 shares of Elbit from three founders of the company's recently acquired subsidiary, ScanMaster Systems (IRT) Ltd.
Based in Yoqneam, Israel, Elbit produces automatic in-line inspection and monitoring systems used to improve product quality.
Issuer: | Elbit Vision Systems Ltd.
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Issue: | Convertible loan
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Amount: | $3 million
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Maturity: | Two years
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Conversion ratio: | Into 6 million shares
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Conversion price: | $0.50
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Warrants: | For 4 million shares
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Warrant expiration: | Two years
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Warrant strike price: | $0.50
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Investor: | Mivtach Shamir Holdings Ltd.
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Settlement date: | Jan. 3
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Stock price: | $0.70 at close Dec. 30
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