By Devika Patel
Knoxville, Tenn., June 9 - Medis Technologies Ltd. arranged a $5 million private placement of series B preferred shares on Monday, according to an 8-K filed Tuesday with the Securities and Exchange Commission.
Volation Capital Partners, LLC committed to buy the preferreds from time to time until June 7, 2010.
Volation also will receive five-year warrants for a number of shares with a value equal to 135% of the purchase price of the preferreds.
The 10% preferreds are redeemable after five years.
Proceeds will be used to fund operations and as working capital.
Medis Technologies is a New York-based maker of fuel cell batteries used in consumer and military electronics.
| Issuer: | Medis Technologies Ltd.
|
| Issue: | Series B preferred stock
|
| Amount: | $5 million
|
| Dividends: | 10%
|
| Call option: | After five years
|
| Warrants: | Yes
|
| Warrant expiration: | Five years
|
| Investor: | Volation Capital Partners, LLC
|
| Pricing date: | June 9
|
| Stock symbol: | Nasdaq: MDTL
|
| Stock price: | $0.78 at close June 8
|
| Market capitalization: | $27.4 million
|
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