Tower Semi raises additional $5.3 mn in share issue

JERUSALEM, ISRAEL: Israeli chip maker Tower Semiconductor Ltd said on Monday it had raised $5.3 million from Israeli institutional investors, bringing to $21 million the amount of cash raised this month.

In exchange it is issuing 5.36 million ordinary shares, giving a price of 3.73 shekels ($0.98) per share, a 4 per cent premium to the closing price of its shares on the Tel Aviv Stock Exchange on Sunday.

It will also issue warrants to purchase 1.34 million ordinary shares which will have the same terms as its series 6 warrants already traded on the Tel Aviv bourse.

The company raised $15.8 million from Israeli institutional investors on September 3 in exchange for issuing 15.8 million ordinary shares for 3.8 shekels per share.