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Medigus to invest $5M in internet advertising company Algomizer

Medigus Ltd. is looking to invest $5 million in Algomizer Ltd. to create value for the company and its shareholders.

Under the letter of intent, Medigus will invest 5.4 million Israeli shekels directly in the Tel Aviv-listed internet advertising company, valuing Algomizer's shares at 4.15 shekels apiece. An additional investment worth 9 million Israeli shekels will be made by acquiring the shares of Algomizer's Linkury Ltd. unit.

The Israeli medical device company will also make a $1 million investment by issuing American depositary shares priced at $3 per ADS in exchange for Algomizer's shares. In addition, Algomizer will receive warrants to buy Medigus ADSs for $4 each within a three-year period.

Medigus will receive warrants to buy shares of Algomizer as part of the investment. The amount will be equal to the shares issued to Medigus in the transaction, exercisable at 5.25 Israeli shekels apiece.

Algomizer is expected to make its best efforts in listing its shares on Nasdaq, Medigus noted.

As of March 14, US$1 was equivalent to 3.60 Israeli shekels.