B. Gaon Holdings Ltd. (TASE:GAON-M) announced a private placement for 9,985,616 common shares at an estimated price of ISL 0.3794 per shares for gross proceeds of ISL 3,788,542.7104 on August 31, 2016. The transaction include participation from investor Viola A.V. Gaon Limited Partnership for 9,867,842 shares and remaining 117,774 shares for proceeds of ISL 44,683 issue in exchange for cash. The securities being issue are subject to a trade restriction of 180 days from the date of allocation. The transaction are subject to approval from Tel-Aviv Stock Exchange.