Israel Land Development Company Energy Ltd. (TASE: IE), controlled by Ofer Nimrodi, today notified the TASE that Russian Jewish tycoon Mikhail Mirilashvili will invest NIS 40 million in the gas exploration company, which owns stakes in the Myra and Sarah offshore licenses.
Mirilashvili, 52, controls a media, pharmacy, and real estate empire. His primary residence is Saint Petersburg.
Mirilashvili will receive 54,421,769 ILDC Energy shares at NSI 0.735 per share, giving him a 5.274% stake in the company. He will also receive, at no charge 44,444,444 warrants convertible into the same number of shares, exercisable at NIS 0.90 per warrant, for three months from the closing of the deal.
ILDC Energy also announced today that it has notified Switzerland's VNG Capital Fund I (Opportunity Fund) that it considers the investment agreement as canceled as of immediate effect. ILDC Energy said that it took this step, after VNG failed to carry out its investment commitment in the company, even after an extension granted to it.
ILDC Energy's share price initially rose 2.6% by midday to NIS 0.75, giving a market cap of NIS 730 million.
Published by Globes [online], Israel business news - www.globes-online.com - on August 1, 2012
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