Company: INCR
Filing Date: 2025-05-01
Form Type: 20-F
Source: 0001641172-25-007971
Chunk: 102

Company: Intercure Ltd.
Filing Date: 2025-05-01
Form: 20-F
Item: Item 5
Chunk 102
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 non-related parties. The main investment for the year ended December 31, 2024 was the purchase of property, plants and equipment by the Company.
 

B.         Liquidity       
     and Capital Resources.
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Proposed Transactions
 
We seek potential acquisition targets on an ongoing basis and may complete several acquisitions in any given fiscal year.
 

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Financing Developments
 
For the year ended December 31, 2024 and up to the date of this Annual Report:
 
As discussed under “Item 4.A. History and Development of the Company”, on January 29, 2024, we entered into a share purchase agreement with the shareholders of Leon Pharm to purchase Leon Pharm, a leading, Israel-based pharmacy chain located in major cities throughout Israel specializing in dispensing medical cannabis in Israel, by way of a share purchase of all of the issued and outstanding share capital of Leon Pharm in exchange for 1,397,292 ordinary shares of the Company based on a share price of NIS 8.8 per share. The transaction was accretive to the Company’s business and closed in July 2024.
 
In December 2024, the Company entered into financing commitments of NIS 66 million which may increase to NIS 107 million, which included a binding commitment from a leading Israeli bank to provide the Company with a non-secured loan of NIS 30 million for a period of up to 24 months, to be repaid until December 23, 2026, on customary terms and conditions, including an interest rate of the one year loan prime rate (6.00%) (the “Loan”). Under the securities purchase agreement dated March 2, 2025 (the “Private Placement”), InterCure issued to the investors (i) an aggregate of 7,349,896 ordinary shares of the Company, at a purchase price of NIS 4.83 (approximately $1.34) per ordinary share, at a premium above the opening price of InterCure’s ordinary shares on the TASE on the morning of Monday, December 16, 2024, which was NIS 4.81 per share (the “Determining Date”) and (ii) warrants (the “Warrants”), that have a term of four years, to purchase up to an additional 7,349,896 ordinary shares of the Company at an exercise price equal to NIS 5.70 (approximately $1.58), at an 18% premium