Exhibit
2.17
CONVERTIBLE
LOAN AND WARRANT AGREEMENT
THIS CONVERTIBLE LOAN AND WARRANT AGREEMENT (the “Agreement”) made as of the____ day of July 2003, by and between NUR Macroprinters Ltd., an Israeli company (the “Company”), and the persons and entities identified in Schedule 1 attached hereto (the “Investors”).
WITNESSETH:
WHEREAS the Company wishes to receive an irrevocable undertaking from the Investors to provide the Company
with a loan for an amount between US$2,000,000 and US $4,000,000 (the “Principal Amount”); and
WHEREAS the Investors desire to undertake to provide the Company with their portion of the Principal Amount (the “Loan Undertaking”); and
WHEREAS
in consideration for the Loan Undertaking the Company shall issue to the Investors
warrants exercisable into Ordinary Shares of the Company (“Ordinary
Shares”) and pay to the Investors a commitment fee, on the terms and
conditions set forth herein; and
WHEREAS the Company and the Investors wish to set forth the terms and conditions regarding the exercise of
the Loan Undertaking by the Company.
NOW,
THEREFORE, in the consideration of the mutual promises and covenants set forth herein, the parties
agree as follows:
1. Advance of Loan and issue of Warrants
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1.1 |
Undertaking
to provide Loan. Subject to the terms and conditions of this Agreement
at the Closing (as defined below) the Investors shall undertake to lend
to the Company up to the Principal Amount as set forth opposite each Investor’s
name in Schedule 1 attached hereto in consideration of
(i) the issuance by the Company of a warrant (the “Warrant”)
in the form attached hereto as Schedule 2 for the purchase
of Ordinary Shares equal to 15% of the amount of each Investor’s Loan
Undertaking divided by $0.52 exercisable at $0.52 per share for a period
of five years from the Closing and subject to the conditions set forth therein
and (ii) a cash commitment fee in an amount equal to 2% of each
Investors respective Loan Undertaking (the “Cash Commitment”). |
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1.2 |
Drawdown
of Loan.The Company may call upon the Loan Undertaking (the “Draw
Down”) at any time within 1 year from the Closing provided that
the Company is not in a state of insolvency or bankruptcy, at such time
Prior to the Company exercising any Draw Downs, the Company may on ten days
notice cancel the Loan Undertaking and release the Investors’ commitments
(the Investors will retain the Loan Undertaking Warrants and the Cash Commitment)..
The Company may draw down the Principal Amount (“Draw Down Amount”)
in units of one million dollar ($1,000,000) increments. To effect a Draw
Down the Company shall serve written notice to the Escrow Agent (as
defined in Section 2.2.3 below) which notice shall state the exact amount
which the Company wishes to receive and the date on which such amount is
required to be made available (“Draw Down Date”) such date
to be no less than seven (7) business days following the date on which the
Escrow Agent receives notice of a Draw Down from the Company. |
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1.3 |
Draw
Down Closing. On the Draw Down Date the Escrow Agent shall release to
the Company the pro rata share of the Draw Down Amount for each Investor
whereupon the Company shall (i) issue to each Investor a convertible loan
note bearing interest at a rate of 12% per annum and with a term of 42 months
from Closing (the “Loan Note”) in the form attached hereto
as Schedule 3. . Any portion of the outstanding principal
of the Loan Note and accrued but unpaid interest may be converted (subject
to shareholder approval pursuant to The Nasdaq Stock Market Inc. Marketplace
Rule (4350(i))) at any time at the option of the Investors at the Conversion
Price as defined below. (ii) issue to that Investor a Warrant to purchase
Ordinary Shares (the “Draw Down Warrant”)in the form attached
hereto as Schedule 4. The number of Draw Down Warrants to
be issued to each Investor shall be equal to 15% of the amount of the Draw
Down Amount divided by Draw Down Warrant Exercise Price which will be the
lesser of (a) the average closing bid price of the Company’s shares
on NASDAQ during the ten (10) days preceding the Draw Down Date or (b)$0.52
(as such term is defined in the Draw Down Warrant), exercisable Draw Down
Warrant Exercise Price for a period of five years from the Draw Down Date
and subject to the conditions set forth therein. |
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1.4 |
Security.
The Company agrees to secure the repayment of the Principal Amount and any
accrued and unpaid interest on the Loan Notes by creating at Closing a first
priority floating charge on the Company’s assets for the benefit of
the Investors which shall be subordinated to the Company’s current
charges and encumbrances on the Company’s assets, as well as to any
charges created by the Company in favor of banking institutions(the “Floating
Charge”). Following repayment to the Investors of their Loan Undertaking
and any accrued interest the Investors shall execute such documents as are
necessary to release the Floating Charge. In the event of a default by the
Company of payments of interest and/or principal the Investors may not unilaterally
exercise their right to foreclose without the prior consent of Bank Hapoalim
B.M., Bank Leumi Le-Israel Ltd, Israel Discount Bank Ltd. (the “Banking
Institutions”), for as long as one or all of the Banking Institutions
have not commenced a foreclosure procedure of the Company. |
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1.5 |
Repayment. The
Company undertakes to pay to the Investors the Principal Amount, together
with interest thereon (denominated in United States dollars) at a rate of
interest of 12% per annum, payable quarterly in arrears. There shall be
no repayment of the Principal Amount by the Company for twenty-four (24)
months following the Closing. Thereafter, and provided that the Company
has paid any sums due to its banks at the date of such repayment the Company
shall pay one sixth (1/6) of the Principal Amount, not to exceed $500,000,
at the end of each quarter for five quarters, with the balance due and payable
at the end of the sixth quarter (that is, 42 months from the Closing). Notwithstanding
the above, the Company may prepay all amounts owed to the Investors, at
any time, subject to the Company providing the Investor with a ten (10)
day prior written notice informing the Investors of such intention to prepay.
In the event that the Company is unable to comply with the payment schedule
set out herein, any sums unpaid by the Company to the Investors shall be
deferred to the following quarter. |
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1.6 |
Default.
Notwithstanding anything herein to the contrary, in the event of a default
by the Company on payments of interest and/or principal, the exercise price
of the Warrants and Draw Down Warrants shall be reduced to the dollar equivalent
of NIS1.0 and the interest rate of the Loan Notes will increase to 18% per
annum if the default remains uncured for a period exceeding 45 days. |
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1.7 |
Conversion.
The Investors may at any time during the period that the Loan Undertaking
is outstanding at their option,convert the Loan Undertaking into Ordinary
Shares of the Company at the conversion price of $0.62 per Ordinary Share.
Upon conversion, Investors shall have such rights as granted to them in
the Registration Rights Agreement, a copy of which is attached hereto as
Schedule 5. |
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1.8 |
In no event
shall the Loan Note be convertible into Ordinary Shares unless and until
the Company obtains shareholder approval as provided in NASD Rule 4350 (i)(D);
provided, however, that prior to obtaining shareholder approval, the Company
shall only be able to Draw Down that amount that would not necessitate the
Company getting shareholder approval under such rule. |
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2.
Closing
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2.1 |
The closing
(the “Closing”) of transactions contemplated herein shall
take place at the offices of Barnea & Co, legal counsel to the Company,
at 0X Xxxxxxxxxx Xx., Xxxxx Xxx, Xxxxxx, as soon as possible, but in any
event no later than, July th 2003, or at such other time and
place as shall be mutually agreed upon between the Company and the Investors. |
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2.2 |
At the
Closing, the following transactions shall occur simultaneously (no transaction
shall be deemed to have been completed or any document delivered until all
such transactions have been completed and all required documents delivered): |
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2.2.1 |
The Company
shall issue to each of the Investors the Warrants in the form attached as
Schedule 2. |
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2.2.2 |
the Company
shall pay each Investor the Cash Commitment (as set forth opposite each
Investor’s name in Schedule 1). |
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2.2.3 |
Each Investor
shall pay to the Escrow Agent an amount equal to the Loan Undertaking, to
hold in Escrow in accordance with the terms of the Escrow Agreement attached
hereto as Schedule 7 with each Investor executing such Escrow Agreement. |
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2.2.4 |
The Company
and the Investors shall execute and deliver the Registration Rights Agreement,
a copy of which is attached hereto as Schedule 5 |
3. Representations and Warranties of the Company
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The Company
hereby represents and warrants to the Investors, and acknowledges that the
Investors are entering into this Agreement in reliance thereon, as follows: |
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3.1 |
Organization. The
Company is duly organized, existing in Israel as a public company limited
by shares pursuant to the Companies Law 5759-1999 (the “Companies Law”),
and registered by the Registrar of Companies as public company, number 00-000000-0. |
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3.2 |
Validly
Existing. The Company validly exists as a company under the laws of
the State of Israel. The Company has the full corporate power and authority
to conduct its business as currently conducted and the Company had at all
relevant times the full corporate power and authority to conduct its business
as previously conducted, save that if at any time the Company did not have
the full corporate power and authority to conduct its business as previously
conducted, the lack of such corporate power and authority did not have a
material adverse effect on the Company. |
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3.3 |
Public
Listing. As of October 1995 the Ordinary Shares of the Company are registered
for trading on the Nasdaq National Market (“Nasdaq”) under the
symbol “NURM”.In November 2002, the Company received a compliance
notice from The Nasdaq Stock Market, Inc., stating that, for a period of
30 consecutive trading days, its ordinary shares closed below the minimum
bid price of $1.00 per share as required for continued listing on The Nasdaq
National Market. In accordance with Nasdaq’s Marketplace Rules, we
had until May 5, 2003 to regain compliance with Nasdaq’s continued
listing requirements. We have been unable to demonstrate compliance with
the continued listing requirements and, accordingly, have applied to transfer
our securities to The Nasdaq SmallCap Market and the Company has been notified
by the NASD that such transfer has been accepted. |
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3.4 |
Share
Capital. The registered share capital of the Company is NIS 50,000,000,
divided into 50,000,000 Ordinary Shares, of which no more than [17,155,859]
Ordinary Shares are issued and outstanding as of [December31th,
2002]. In addition, as of [December 31th, 2002] the Company had
issued and outstanding options and warrants exercisable into no more than
[2,188,578Ordinary Shares]. |
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3.5 |
Full
Disclosure. To the best of the Company’s knowledge, the Form 20-F
of the Company of May 15th, 2003 (the “20-F Form”)
that includes the Company’s annual report for the year ended December
31, 2002 does not incorporate or contain any untrue statement of a material
fact or omit to state any material fact required to be stated therein or
necessary to make the statements therein not misleading, all as of May 15th,
2003. Any subsequent filings filed by the Company are attached hereto as
Schedule 3.5. |
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3.6 |
Due
Authorization. The Warrants and Draw Down Warrants, when issued
at the Closing in accordance with the provisions of this Agreement and the
Ordinary Shares underlying the Warrants and Draw Down Warrants (the “Warrant
Shares”) and the Ordinary Shares issued upon the conversion of
the Loan Notes (the “Loan Shares”), shall all be duly authorized,
validly issued, fully paid, non-assessable and clear and free from any lien,
encumbrance, or any other third party right whatsoever. |
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3.7 |
Approvals. The
execution and delivery of this Agreement and the full performance of all
other obligations and undertakings of the Company contemplated hereunder
will have been duly approved by the Board of Directors of the Company. Shareholder
approval,pursuant to The Nasdaq Stock Market Inc. Marketplace Rule (4350(i)),
or if required under any other applicable law, will be sought by the Company
upon completion of Closing. Subject to such shareholders approval, all acts
required to be taken by the Company to authorize the execution and delivery
of this Agreement, the performance of each of its obligations hereunder
and the consummation of the transaction contemplated hereunder have been
duly taken and are legally valid and in full force and effect. |
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3.8 |
No Violation.
The execution and delivery of this Agreement and the performance of and
compliance with all other obligations and undertakings of the Company contemplated
hereunder will not result in a violation of, or conflict with, or constitute
a default, or give rise to any right of termination, cancellation or acceleration
or the loss of any benefit under: (i) the Articles of Association of the
Company; (ii) any note or contract, in any form, to which the Company is
a party or by which it or any of its property is bound or affected; or (iii)
any applicable law in any relevant jurisdiction, order, injunction, or judgment
of any court or governmental bureau or authority, domestic or foreign, or
any arbitration award applicable to it or any of its properties or assets
having an adverse material effect on the Company. |
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3.9 |
Binding
Obligation. This Agreement, when executed and delivered by or on behalf
of the Company, shall constitute the valid and legally binding obligation
of the Company, legally enforceable against the Company in accordance with
its terms. There is no consent, approval, order, license, permit, action
by, or authorization of, or filing with any governmental authority (including
any notifications) or any person that is required to be obtained or made
on the part of the Company prior to the Closing (other than shareholders
approval as detailed in section 3.7 above) that has not been, or will not
have been, obtained by the Company prior to the Closing in connection with
the valid execution, delivery, and performance of this Agreement. |
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3.10 |
Effectiveness. Each
representation and warranty herein is deemed to be made on the date of this
Agreement and shall survive and remain in full force and effect at the Closing. |
4.
Representations and Warranties of the Investors
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The Investors
hereby represent and warrant to the Company, and acknowledge that the Company
is entering into this Agreement in reliance thereon, as follows: |
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4.1 |
This Agreement,
when executed and delivered by the Investors, will constitute a valid, binding,
and enforceable obligation of each of the Investors. |
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4.2 |
Each Investors
is a “US accredited investor (a “US person”),
as that term is defined in Regulation §230.501 under Securities Act
of 1933, as amended; (the “Securities Act”) and has such
business and financial experience as is required to protect its own interests
in connection with its decision to enter this Agreement. |
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4.3 |
The Investor
understands, acknowledge and agree that the Warrant Shares and the Loan
Shares (as defined in Section 3.6)have not been registered under the Securities
Act and may not be offered or sold in the United States or to U.S. persons
unless such shares are registered under the Securities Act and applicable
state securities laws, or an exemption from the registration requirements
of the Securities Act and such state securities laws is available. The Investors
understand that the certificate evidencing the Warrant Shares and the Loan
Shares will be imprinted with a legend in substantially the following form: |
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“The
Shares represented by this Certificate have not been registered under the
United States Securities Act of 1933. The Shares have been acquired for
investment and may not be sold, transferred or assigned in the absence of
an effective registration statement for these Shares under the United States
Securities Act of 1933, or an opinion of NUR Macroprinters Ltd’s counsel,
that registration is not required under the said Act.” |
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4.4 |
The execution
of this Agreement does not, and the consummation of the transactions contemplated
hereby and compliance by the Investors with the provisions hereof, will
not (i) result in any conflict with, breach of, or default (or give rise
to any right of termination, cancellation or acceleration or the loss of
any benefit) under any of the terms, conditions or provisions of any material
agreement, permit or other instrument or obligation to which the Investors
are a party, or by which the Investors or any of their properties or assets
may be bound or (ii) violate any law or order applicable to them or any
of their properties or assets having an adverse material effect on the Investors.
No consent or approval by any governmental authority is required in connection
with the execution by the Investors of this Agreement or the consummation
by the Investors of the transactions contemplated hereby except for such
actions, consents or approvals as will be obtained as of the Closing. |
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4.5 |
The Investor
understands and acknowledges that the participation at the Closing by any
party defined by the Israeli Companies Law, 5759-1999 (the “Law”)
as a controlling shareholder of the Company (“Controlling Shareholder”)
shall require the approval of the Shareholders of the Company by a special
majority as more particularly set out in the Law and that without such approval
a Controlling Shareholder will be prohibited from participating as herein
set forth. |
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4.6 |
Each representation
and warranty herein is deemed to be made on the date of this Agreement,
and shall survive and remain in full force and effect at the Closing. |
5. Conditions Precedent
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5.1 |
The obligations
of the Investors to proceed with Closing is subject to the fulfillment at
or before the Closing of each and every of the following conditions precedent,
any one or more of which may be waived in whole or in part by the Investors,
which waiver shall be in writing and at the sole discretion of the Investors: |
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5.1.1 |
Each and
every representation and warranty made by the Company in this Agreement
shall have been true and correct in all material respects when made and
shall be true and correct in all material respects as if originally made
on and as of the date of the Closing, |
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5.1.2 |
All covenants,
agreements, and conditions contained in this Agreement to be performed or
complied with by the Company prior to or at the Closing, shall have been
fully performed or complied with by the Company prior to or at the Closing. |
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5.1.3 |
The Company
shall have received the consent of its banks to postpone principal repayments
of the Company’s outstanding long-term bank loans for a period twelve
(12) months and satisfactory renegotiation of the loan covenants. |
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5.1.4 |
There shall
not then be in effect any order or judgment enjoining or restraining the
transactions contemplated by this Agreement and to the Company’s best
knowledge no suit, proceeding or investigation shall have been commenced
by any governmental authority or private person on any ground, restraining,
enjoining or hindering, the transaction contemplated herein and the Company
shall have received any and all consents and approvals required by it to
consummate the transactions contemplated herein. |
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5.2 |
The obligation
of the Company to proceed with Closing is subject to the fulfillment at
or before the Closing of the following conditions precedent, any one or
more of which may be waived in whole or in part by the Company, which waiver
shall be in writing and at the sole discretion of the Company: |
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5.2.1 |
The representations
and warranties made by the Investors in this Agreement shall have been true
and correct in all material respects when made, and as of the Closing as
if made on the date of the Closing. |
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5.2.2 |
All covenants,
agreements, and conditions contained in this Agreement to be performed or
complied with by the Investors prior to or at the Closing. |
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5.2.3 |
The Investors
have secured all permits, consents, waivers, and authorizations, if any,
that shall be required from them under law or contract to lawfully consummate
this Agreement. |
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5.2.4 |
There shall
not then be in effect any order enjoining or restraining the transactions
contemplated by this Agreement. |
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5.2.5 |
In the
event that an Investor shall also be a Controlling Shareholder the
Company shall require that the Shareholders approve the participation of
such Controlling Shareholder by a special majority of votes as more particularly
set out in the Law. For the avoidance of doubt the non-satisfaction of this
condition shall not prohibit the Company proceeding with a Closing with
other Investors who, according to the Law, are not Controlling Shareholders. |
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6. Affirmative Covenants
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6.1.1 |
The Investors
agree that any Confidential Information (defined below) obtained pursuant
to this Agreement, or provided to the Investors prior to or after the Closing,
will not be disclosed without the prior written consent of the Company;
provided that, in connection with periodic reports to its shareholder
or partners, the Investors may, without first obtaining such written consent,
make general statements, not containing technical or specific business information,
regarding the nature and progress of the Company’s business; and provided
further, that the Investors may provide summary information regarding the
Company’s financial information in its reports to its respective shareholders
or partners, but may not annex to such reports the full financial information
to be provided hereunder by the Company. All of the above shall be subject
to the explicit reporting requirements pertaining to the Investors under
all applicable laws, orders and judgments (including the Israeli Securities
Law 1968). |
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6.1.2 |
For the
purposes of this Section 6.1, “Confidential Information”
shall mean all information, including, but not limited to, financial information,
business plans, budgets, customer lists, computer software, source codes,
plans, drawings, technical specifications, patents, copyrights, and other
intellectual property rights, in any form (paper, disk, or other), relating
to the business of the Company. However, Confidential Information shall
not include information which (a) was in the Investors’s possession
prior to its disclosure, as shown by prior written records; (b) is or becomes
available to the public through no fault of the Investors; (c) was disclosed
to the public by operation of law, (including any court order or judgment);
or (d) is rightfully received by the Investors from a third party without
a duty of confidentiality. |
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6.2 |
Use
of Proceeds. The Company will use the net proceeds for working
capital and general corporate purposes, as determined by the Company’s
Board of Directors from time to time. |
7. Registration Rights
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The Loan
Shares shall have registration rights as set forth in the Registration Rights
Agreement attached hereto as Schedule 5 including an
entitlement to one demand registration right at the Company’s expense
and one at the Investors’ expense, and unlimited piggyback registration
rights. The Warrant Shares shall have unlimited piggyback registration rights
as set forth in Schedule 5. |
8. Miscellaneous
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8.1 |
Further
Assurances. Each of the parties hereto shall perform such further acts
and execute such further documents as may reasonably be necessary to carry
out and give full effect to the provisions of this agreement and the intentions
of the parties as reflected thereby. |
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8.2 |
Governing
Law. This Agreement shall be governed by and construed in
accordance with the laws of the State of Israel, without giving effect to
the rules respecting conflict of law. All disputes, controversies, differences
or questions arising out of or relating to this Agreement, or to the validity,
interpretation, breach, violation of any term hereof, shall be adjudicated
by the courts of competent jurisdiction sitting in Tel Aviv. Anything to
the contrary notwithstanding, the provisions of this Section 8.2 shall not
apply to the Registration Rights Agreement, which shall be subject to the
provisions thereof. |
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8.3 |
Successors
and Assigns; Assignment. Except as otherwise expressly stated to the
contrary herein, the provisions hereof shall inure to the benefit of, and
be binding upon, the successors, assigns under law, heirs, executors, and
administrators of the parties hereto. |
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8.4 |
Entire
Agreement; Amendment and Waiver. This Agreement and the
Schedules hereto constitute the full and entire understanding and agreement
between the Parties with regard to the subject matters hereof and thereof.
All prior understandings and agreements among the Parties, including the
Term Sheet executed by the Parties, are void and of no further effect. Any
term of this Agreement may be amended, waived, or discharged (either prospectively
or retroactively, and either generally or in a particular instance), by
written consent of the parties hereto, other than the Registration Rights
Agreement which may only be amended as set forth therein). |
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8.5 |
Brokers. Except
as set forth in the Placing Agreement with Rockwood Inc., no agent or broker
or any person acting in a similar capacity on behalf of or under the authority
of the Company is or will be entitled to any broker’s or finder’s
fee or any other similar commission or fee in connection with the transactions
contemplated hereby. |
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8.6 |
Expenses. At
the Closing, the Company will pay the legal fees of the Investors up to
amount of US$15,000. |
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8.7 |
Notices,
etc. All notices and other communications required or permitted
hereunder to be given to a party to this Agreement shall be in writing and
shall be telecopied or mailed by registered or certified mail, postage prepaid,
or otherwise delivered by hand or by messenger, addressed to such party’s
address as set forth below: |
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If to the
Investors: |
to
such address and by facsimile as set forth in Schedule 1
attached hereto. |
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If to the
Company: |
Nur Macroprinters
Ltd.
Attn: Xxxxx Xxxx, CEO
00 Xxxx Xxxxx Xxxxxx Xxxxxx
Xxx, Xxxxxx |
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Facsimile: |
(000) 0
000-0000 |
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With a
Copy: |
Xxxxxxx
Xxxxxx |
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Barnea
& Co. |
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0X Xxxxxxxxxx
Xxxxxx, |
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Xxxxx Xxx
00000, Israel |
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Facsimile: |
(000)
0 000 0000 |
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or such other address with respect to a party as such party shall notify each other party in writing
as above provided. |
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Any notice sent in accordance with this Section 8.7 shall be effective (i) if mailed, five (5) business
days after mailing, (ii) if sent by messenger, upon delivery, and (iii) if send via telecopier, upon
transmission and telephonic confirmation of receipt. The term “business day” shall mean
any Monday through Friday on which the banks in Israel are open for business. |
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8.8 |
Delays or Omissions.
No delay or omission to exercise any right, power, or remedy accruing to
any party upon any breach or default under this Agreement, shall be deemed
a waiver of any other breach or default therefore or thereafter occurring.
Any waiver, permit, consent, or approval of any kind or character on the
part of any party of any breach or default under this Agreement, or any
waiver on the part of any party of any provisions or conditions of this
Agreement, must be in writing and shall be effective only to the extent
specifically set forth in such writing. Unless otherwise provided by law,
all remedies, either under this Agreement, or under law, or otherwise afforded
to any of the parties, shall be cumulative and not alternative. |
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8.9 |
Counterparts; Facsimiles.
This Agreement may be executed in any number of counterparts,
each of whom shall be deemed an original and enforceable against the parties
actually executing such counterpart and all of which together shall constitute
one and the same instrument. Each party may rely on the other party’s
facsimile signatures as original binding commitments of such other party. |
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8.10 |
Heading, Preamble,
and Schedules. The titles and subtitles used in this Agreement are used
for convenience only and are not to be considered in construing or interpreting
this Agreement. The Preamble and Schedules are an integral and inseparable
part of this Agreement. |
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IN
WITNESS WHEREOF the parties have signed this Agreement.
Nur Macroprinters Ltd.
By: ______________________ Date:
_____________________
Name:
Title:
INVESTOR
_________________________ Date:
___________________
Name:
List of Schedules
Schedule 1 Investors’s
address, Amount of Loan, Amount of Cash Commitment.
Schedule 2
Form of Warrant.
Schedule 3
Form of Loan Note.
Schedule 3.5
Filings since the last 20F
Schedule 4
Form of Draw Down Warrant.
Schedule 5
Registration Rights Agreement.
Schedule 6
Placing Agent Agreement.
Schedule
7
Escrow Agreement
Schedule 1
List of Investors
| Name/Entity |
Address |
Amount
of Loan |
Cash
Commitment |
| Xxx and
Xxxx Xxxxxx |
************** |
US$
1,150,000 |
US$
23,000 |
| First Purjes
Descendants, LP |
************** |
US$
50,000 |
US$
1,000 |
| Second
Purjes Descendants, LP |
************** |
US$
50,000 |
US$
1,000 |
| Y Securities
Management, Ltd. |
************** |
US$ 50,000 |
US$
1,000 |
| Xxxxx Xxxxxxxxxxx |
************** |
US$
1,000,000 |
US$
20,000 |
| Xxxxxxx
Xxxxxxx |
************** |
US$
50,000 |
US$
1,000 |
| Xxxx Xxxxxxxxxxx |
************** |
US$
50,000 |
US$
1,000 |
| Bridges
and PIPES, LLC |
************** |
US$
300,000 |
US$
6,000 |
| United
European Bank and Trust |
************** |
US$
300,000 |
US$
6,000 |
| Xxxxxxx
Xxxxxxxx |
************** |
US$
100,000 |
US$
2,000 |
| Xxx Xxxxxxxxxxx |
************** |
US$
50,000 |
US$
1,000 |
| XX Xxxx
Associates, L.P. |
************** |
US$
100,000 |
US$
2,000 |
| Drake Investments
Ltd. |
************** |
US$
50,000 |
US$
1,000 |
| Xxxx Xxxxxx |
************** |
US$
100,000 |
US$
2,000 |
| Xxxxx Xxxx |
************** |
US$
50,000 |
US$
1,000 |
| The Purjes
Foundation |
************** |
US$
50,000 |
US$
1,000 |
| Total |
|
US$
3,500,000 |
US$70,000 |
