By Sheri Kasprzak
New York, Aug. 10 - Mer Telemanagement Solutions Ltd. said it has closed a private placement of stock for $2,812,500.
The company sold 937,500 shares at $3 each to institutional and private investors.
The investors also received warrants for 375,000 shares, exercisable at $4 each for three and a half years. Each investor received two warrants for every five shares purchased.
Apex Underwriting Ltd. was the placement agent.
Proceeds from the deal will be used to expand research and development, as well as sales and marketing.
Based in Ra'Anana, Israel, Mer Telemanagement provides operations support systems for telecommunications companies, including customer service and billing support.
| Issuer: | Mer Telemanagement Solutions Ltd.
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| Issue: | Stock
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| Amount: | $2,812,500
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| Shares: | 937,500
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| Price: | $3.00
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| Warrants: | For 375,000 shares
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| Warrant expiration: | Three and a half years
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| Warrant strike price: | $4.00
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| Placement agent: | Apex Underwriting Ltd.
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| Settlement date: | Aug. 10
|
| Stock price: | $3.88 at close Aug. 9
|
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