The Israel Land Development Company Energy Ltd (TASE:IE) announced a private placement of 97,215,290 shares at a price of ILS 0.79 for gross proceeds of ILS 76,800,079 on May 20, 2012. The company will also be issuing 5,549,133 series 2 warrants and 29,767,442 series 5 warrants, which, if exercised in full, will increase the investment by ILS 40,000,000. The securities will be issued to VNG Capital Fund I. After the transaction VNG Capital Fund I will own 9.33% in the company. The transaction will close on June 5, 2012. On August 1, 2012, The Israel Land Development Company Energy Ltd cancelled the transaction.