Israel's TowerJazz raises $22 mln in rights offering

TEL AVIV, June 30 Sun Jun 30, 2013 3:37am EDT

TEL AVIV, June 30 (Reuters) - Israeli chipmaker TowerJazz said on Sunday it received $22 million in a rights offering to eligible security holders.

Israel Corp, a major shareholder of the company, exercised its rights in full and committed to exercise all of its series 8 warrants by July 22 for an additional investment in TowerJazz of $10 million.

Chief Executive Russell Ellwanger said 90 percent of all available rights were exercised.

"We will continue to focus on analogue technology leadership with strategic steps driving deeper and broader offerings within the industrial mega trends of 1) green everything, 2) wireless everything, and 3) integrated smart systems," he said.

A total of 1.1 million rights were exercised in the offering. Each right is exercisable for four ordinary shares, six short-term Series 8 warrants exercisable at $5.00 per share until July 22, and five series 9 warrants exercisable at $7.33 per share until June 27, 2017.

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