RadView Software Enters Into an Agreement for $2,000,000 Private Placement
Thursday March 29, 3:36 pm ET
SAN RAMON, Calif., March 29 /PRNewswire-FirstCall/ -- RadView Software Ltd. (OTC Bulletin Board: RDVWF - News), a premier provider of solutions for verifying the performance, scalability and reliability of business critical Internet applications, announced today that it had entered into a definitive agreement for the sale of 32,907,014 of its ordinary shares in a private offering to institutional and accredited investors in Israel led by Meitav Underwriting Ltd for gross proceeds of approximately $2,000,000. The investors will receive units each consisting of 10 ordinary shares and 7 warrants, at a purchase price of $0.60 per unit. The warrants to purchase up to 23,034,910 ordinary shares are exercisable each into one ordinary share at $0.06 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. RadView 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. The Company intends to use the net proceeds of the financing for working capital.
"The completion of this financing will help to restore confidence in RadView's financial position and marks a significant turning point for the Company," said Jaron Lotan, Chairman of the Board of RadView. "With the support of an active investor group, we look to explore new and exciting directions for the Company."
Yuval Cohen, Managing Partner of Fortissimo Capital Fund, commented, " We believe that the performance testing market is ready for a fresh perspective and with RadView's proven technology and solid customer base, we hope to bring exciting new offerings and solutions to the market in innovative ways." http://biz.yahoo.com/prnews/070329/sfth059.html?.v=94