The Israel Land Development Company Energy Ltd (TASE:IE) announced a private placement of 54,421,769 common shares at NIS 0.735 per share for gross proceeds of NIS 40,000,000.215 on August 1, 2012. New investor Russian Jewish tycoon Mikhail Mirilashvili will subscribe to all the shares for 5.274% stake in the company. The company will also issue 44,444,444 warrants exercisable at NIS 0.90 per warrant for three months from the closing of the deal. On August 16, 2012, the company announced that it will further issue 14,545,455 common shares at NIS 0.58 per share to Mikhail Mirilashvili for gross proceeds of NIS 8,436,363.9. As a result of the deal, the investor will hold 6.59% stake in the company. The company will further issue 8,900,000 warrants on same terms. The company will now receive NIS 48,436,364.115.