BluePhoenix Solutions Agrees To $4.2 Million Private Placement

(Comment on this article at http://www.financialwire.net/2009/10/13/bluephoenix-solutions-agrees-to-42-million-private-placement/)

October 13, 2009 (FinancialWire) -- BluePhoenix Solutions (NASDAQ: BPHX) (Current Market Cap: $64.30 Mil.) said it has entered into a securities purchase agreement with institutional investors for the sale of around $4.2 million of its ordinary shares at a purchase price of $3.05 per share.

Under the agreement, the investors also received 818,744 series A warrants, 1,364,575 series B warrants and 818,744 series C warrants, each exercisable for the purchase of the company's ordinary shares. The series A warrants are exercisable immediately at an exercise price of $3.95 and have a five-year term.

The series B and C warrants are exercisable immediately as well, at an exercise price of $3.05 and $3.95, respectively.

Israel-based BluePhoenix Solutions is a provider of IT modernization solutions.

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