Adgar Investments and Development Limited (TASE:ADGR) announced a private placement of 6,600,000 ordinary shares at a price of ILS 7.6 per share for gross proceeds of ILS 50,160,000 and 3,300,000 warrants exercisable into 3,300,000 ordinary shares ILS 1 par value each on October 10, 2019. The transaction will included participation from new investor Y.D. More Investments Ltd (TASE:MRIN). Issued shares in the company represent 4.73% of issued and paid up share capital of the company and issued shares plus full warrant exercise shall represent 6.94% of the company's issued and paid up share capital of the Company.

The shares issued in the transaction have a hold period of 6 months. The warrants can be exercised till December 31, 2020.