NUR Macroprinters Receives $3.8 Million of Equity Funding
Tuesday January 30, 9:33 am ET
LOD, Israel--(BUSINESS WIRE)--NUR Macroprinters Ltd. (Pink Sheets:NURMF - News), a leading supplier of wide-format inkjet production printing systems for the out-of-home advertising market, today announced the completion of its private placement of ordinary shares, resulting in gross proceeds of $3.8 million.
Under the private placement, NUR issued 7,105,320 of its ordinary shares at $0.54 per share to various investors. NUR expects to receive from the new investment proceeds in the amount of approximately $3.7 million, net of expenses. NUR also issued to the investors warrants to purchase up to 2,131,596 ordinary shares at an exercise price of $0.65 per share. The warrants are exercisable for five years from the closing date of the private placement. The securities offered in the private placement have not been registered under the Securities Act of 1933, as amended (the "Act"), and may not be offered or sold in the United States absent registration, or an applicable exemption from registration, under the Act. NUR agreed to use its best efforts to register all the private placement related shares (both those purchased and those issuable upon exercise of the warrants) for resale under the Act.
Meitav Underwriting Ltd. served as placement agent for the private placement.
NUR received undertakings from additional investors for a proposed follow-on investment of up to $2.5 million under substantially the same terms and conditions described above. The closing of the follow-on investment remains subject to the satisfaction of certain conditions.
This equity investment was initiated by NUR in order to allow for an expected increase in manufacturing volumes in 2007. http://biz.yahoo.com/bw/070130/20070130005790.html?.v=1