This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Elbit Vision Systems Announces Closing Of Private Placement

CAESAREA, Israel, Dec. 11, 2012 (GLOBE NEWSWIRE) -- Elbit Vision Systems Ltd. (OTCBB:EVSNF), announces the closing on December 10, 2012, of a non-brokered private placement with Mr. Avi Gross. The Company issued and sold  5,263,158 ordinary shares to Mr. Gross at a price of $0.095 per ordinary share for gross proceeds of $500,000 and Mr. Gross provided a $300,000 convertible loan to the Company which may be converted in whole or in part at a price per share of $0.095, within 6 months of the closing date. Should the loan not be converted, the principal and interest (at LIBOR per annum) will be repayable over the following 12 months.

As part of the investment, Mr. Gross has also received two warrants to purchase ordinary shares of the Company. The first warrant is exercisable for up to $200,000 of ordinary shares, subject to adjustment, during the 6 month period following the issuance of the warrant at a price per share of $0.095/share. The second warrant is exercisable for up to $1,000,000 of ordinary shares, subject to adjustment, during the period between from the 6 month anniversary of the closing until February 5, 2015. The exercise price of the second warrant is $0.20 per share unless the Company achieves gross revenues of less than $19,000,000 for the year ending December 31, 2014, in which case the exercise price shall be reduced to $0.17 per share. Exercise of the second warrant will be contingent on Mr. Gross converting and/or exercising at least 50% of the aggregate number of shares issuable under both the loan and the first warrant, and the amount issuable will be proportionally reduced based on the aggregate portion of the convertible loan converted and the first warrant exercised.

Following the investment Mr. Gross will hold approximately 7.025% of the outstanding share capital of the Company (not including the shares issuable under the convertible loan and warrants), immediately following the closing.

1 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG

Markets

DOW 18,010.68 -115.44 -0.64%
S&P 500 2,107.39 -13.40 -0.63%
NASDAQ 5,070.0260 -27.95 -0.55%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs