Medis Technologies Ltd. (Nasdaq: MDTL) has signed a purchase agreement to offer and sell $38 million Senior Convertible Notes with 6% due 2010.
The initial purchaser can buy an additional $7 million for a thirty-day period following the offering date, for a total of up to $45 million aggregate principal amount of notes.
The proceeds will be used for the construction, start-up and other costs related to a fully-automated manufacturing line for the Company’s fuel cell products as well as for working capital and general corporate purposes.
The offering constituting a private placement under Rule 144A of the Securities Act of 1933 only to qualified institutional buyers. The securities will not be registered under the Securities Act and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements.
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