Eviation Aircraft Ltd. announced that it has entered into binding memorandum of understanding agreement for a private placement of 8,000,000 common shares at a price of $1.50 per share for the gross proceeds of $12,000,000 on February 18, 2018. The transaction will include participation from Timon Ltd. The transaction will be led by Udi Sheleg on behalf of Timon Ltd. The company will receive funding in three tranches. The first tranche of $2,000,000 of the transaction is expected on March 15, 2018. As part of the transaction the investor entitled to receive a warrant for the purchase of up to 3,000,000 ordinary shares of the company for no additional consideration, exercisable solely upon the investor having timely paid the company the entire investment amount.