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MTS closes USD700,000 PE financing

Mer Telemanagement Solutions Ltd (MTSL), a provider of software solutions for online video advertising, telecommunications expense management and billing solutions, has completed a private placement of 648,475 ordinary shares, constituting approximately 7.5 per cent of the Company's outstanding ordinary shares, for an aggregate investment of approximately USD700,000. 

The price paid per share of USD1.08 was equal to the closing price of an ordinary share on the NASDAQ Capital Market on Tuesday, 17 May, 2016. The private placement was approved by the Company's shareholders at the Extraordinary General Meeting of Shareholders held on 16 May, 2016. The proceeds from the private placement will provide the Company with additional working capital and will be used to reduce the amounts due to the former shareholders of Vexigo Ltd ("Vexigo") in connection with the acquisition of Vexigo by the Company in April 2015. 

The shares were sold to: the former shareholders of Vexigo; Haim Mer, the Company's Chairman of the Board; Roger Challen, a member of the Company's Board of Directors; and Lior Salansky, the Company's CEO.

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