Article: BVR Technologies Ltd (Nasdaq: BVRTF) Announced Today That It Is Raising Funds Through Private Placements.

GIVATAYIM, Israel, June 22 /PRNewswire/ -- BVR Technologies Ltd. (Nasdaq: BVRTF) (BVR), announced today that Clal Industries and Investments Ltd. (Clal) and Hapoalim Electronic Communication Ltd. (a wholly owned subsidiary of Poalim Investments Ltd.), both existing shareholders of BVR, invested $1,500,000 each, in an aggregate amount of $3,000,000 in BVR by way of convertible debentures, due June 15, 2003, bearing interest of 7% per annum to be paid semi-annually. The convertible debentures shall be converted at a conversion price of the lesser of (i) $6.5 per share; or (ii) the average closing price of the Ordinary Shares of BVR of all trading days in June 1999. The ...

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