Mazor Robotics Ltd. said it entered into an agreement for private equity placement transaction of up to $15 million, which will provide further investment capital and advance efforts to implement an American Depository Receipt, or ADR, program on a U.S. stock exchange.
As per the deal, the aggregate investment amount will be up to $15 million invested in two tranches of $7.5 million each and divided among a group of institutional and accredited investors in varying percentages.
The company will issue 7.05 million ordinary shares at a per share price of 4.25 shekel for a total of $7.5 million under the first tranche.
In the second tranche, Mazor will issue non-registered warrants exercisable into the company's ordinary shares to the investors. The warrants are exercisable for 36 months at an exercise price equal to the lower of either 6.00 shekel or the 10-day trailing daily volume-weighted average price (in NIS) prior to such exercise.
The warrants must be exercised following the implementation of the ADR program and the release of shares from the lock-up restrictions imposed under the Israeli securities laws. In the case that the price is less than 4.25 shekel, the company can elect to require that only 50% of the second tranche be exercised.
by RTT Staff Writer
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