Intercure (TASE.INCR) Has Completed Private Fundraising of Approx. NIS 45M, at a 37% Premium Over Market Price
HERTZELIA, Israel /PRNewswire/ -- InterCure, Ltd. (TASE: INCR.TA), a life science company, announced a private fundraising of approx. NIS 45 Million, at a price per share of 4.45 NIS, reflecting a 37% premium to Intercure's share price on the prior trading day on TASE. The fundraising is led by Mr. Alex Rabinovitch, Intercure's controlling shareholder, who will invest NIS 22.5 Million and Mr. Gary Fegel, the founder of GMF Capital, a diverse private equity fund, who will invest same amount. Intercure will use the proceeds of the fundraising mainly for CANNDOC's business development activities, local and international, pharma grade medical cannabis market.
Mr. Ehud Barak, Chairman of the Board of Intercure, commented that, "the Company welcomes this fundraising, and especially the willingness of the controlling shareholder to significantly increase his stake in the Company and the joining of Mr. Gary Fegel, a recognized international investor, as a shareholder of the Company, which represents their confidence in the Company and its ability to realize its vision and become a world leader in the field of pharma grade medical cannabis."
Yaniv Hirsch, from TASE's Indices Unit: "Intercure (CANNDOC) is the first and only publicly traded company with a valid license for the whole value chain of pharma grade medical Cannabis and granted an active license from the Ministry of Health to cultivate medical cannabis and to distribute it to thousands of patients in Israel. The company is fully prepared to enter the export market if and when this is approved by the regulator. More than 50% of the company's investors are institutional bodies and the general public. We believe that the company joining the major Indexes will assist the company to grow for the benefit of its share holders, as well as for the benefit of its patients. We hope that the company will serve as an example for additional pharma companies to realize that TASE can act for them as a growth engine that will enable them to develop and grow."
CANNDOC is one of the first pioneers in the Cannabis industry in Israel and worldwide and is active for more than 10 years in the research, cultivation, growing and marketing medical cannabis to thousands of patients in numerous indications approved by the Israeli Ministry of Health. CANNDOC has numerous collaborations and joint ventures both in Israel and worldwide. CANNDOC operates under the most stringent regulatory rules and regulations, which allows it to deliver cannabis medicinal products in pharmacies and also complies with the Israeli Ministry of Health's most recent new planned regulatory regime for the export of medical cannabis products from the State of Israel. In the last 3 years, CANNDOC has shown a constant growth in its revenues, gross and operating profits.
InterCure (CANNDOC Pharma)
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SOURCE Intercure Ltd.
Company Codes: Bloomberg:INCR@IT, RICS:INCR.TA, TelAviv:INCR