Algomizer, Ltd. (TASE:ALMO) announced that it has entered into a letter of intent for private placement of 1,111,111 common shares at ILS 4.5 per share for gross proceeds of ILS 5,000,000 on June 1, 2016. The company will also issue unlisted warrants. Each warrant is exercisable into two shares of the company at ILS 6 per share for a period of 18 months. The company is evaluating the transaction and will conduct negotiations to improve the terms.