Shemen Oil And Gas Resources Ltd (TASE:SOG) announced a private placement of 58,823,529 units at ILS 0.34 per unit for gross proceeds of ILS 20,000,000 on December 18, 2012. Each unit consists of two ordinary shares and one series 2 warrant. Each share is priced at ILS 0.17.

The company will request for approval for listing of the units. The transaction is still subject to the approval from the stock exchange and director's agreement approval. The scheduled completion date of the agreement will fall in one business day from the date in which all conditions precedent or any other date agreed between the parties.