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.

On December 23, 2012, Shemen Oil And Gas Resources Ltd closed the transaction. Arena Capital Exchange Scene (2009) Ltd. invested ILS 10,000,000 for 58,823,529 shares, Win Capital Ltd. invested ILS 3,600,000 for 21,176,470 shares, Y.A.Z. Investments & Assets Ltd. invested ILS 3,600,000 for 21,176,470 shares, and Finks – A.I. Assets Ltd. invested ILS 2,800,000 for 16,470,589 shares, to acquire 1.82%, 0.65%, 0.65%, and 0.52% stake respectively. The shares represent 3.64% stake in the company. The shares will be vested for six months. The transaction is still subject to approval from the Tel Aviv Stock Exchange.