Ellomay Capital Ltd. Announces a Proposed Private Placement of Ordinary Shares and Warrants to Israeli Institutional Investors for Approximately NIS 50 Million

Source Company Press Release
Company Ellomay Capital Ltd
Tags Country: Israel, Financing Activities: Equity Financing, Financing News
Date January 30, 2020

Ellomay Capital Ltd. (NYSE American: ELLO) (TASE: ELLO) ("Ellomay" or the "Company"), a renewable energy and power generator and developer of renewable energy and power projects in Europe and Israel, today announced that it has received and accepted, following the approval of the Company's Board of Directors, commitments from two leading Israeli institutional investors to participate in a private placement of ordinary shares and warrants to purchase ordinary shares of the Company (the "Private Placement").

The price per share in the Private Placement was set at NIS 70 (approximately $20.2). The Company is expected to issue the participants in the Private Placement an aggregate of 715,000 ordinary shares and warrants to purchase an additional 178,750 ordinary shares (the "Warrants"). The Warrants are exercisable for a period of one year, with an exercise price of NIS 80 (approximately $23.1) per ordinary share. The gross proceeds to the Company in connection with the Private Placement are expected to be NIS 50.05 million (approximately $14.5 million). The Company intends to use the net proceeds from this offering for general corporate purposes.

The closing of the Private Placement is subject to the receipt of regulatory approvals, which are expected to be obtained during February 2020.

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