Constellation 3D (NasdaqOTC:CFMD) announced on Tuesday that on November 17 it entered into a financing agreement with an overseas investment group, and with its majority shareholder Constellation 3D Technology, for an investment of up to $20 million.

The investment is subject to certain closing conditions.

The investment group is acquiring $15 million of convertible debentures with the right to purchase an additional $5 million of debentures on the same terms.

C3D also said that it has negotiated an extension of its promissory note to Sands Brothers Venture Capital. Once the investment is effected, $2 million of existing Sands debt will be repaid and the remaining $2 million shall have a maturity date of September 24, 2003.

C3d develops fluorescent multi-layer disc and card technology. It maintains headquarters in New York and laboratories in Rehovot, Israel.