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Nov. 7, 2012
ADIRA ENERGY LTD. (TSXV: ADL) (OTCBB: ADENF) ( FRANKFURT: AORLB8).
Adira Energy Ltd. ("
" or the "
") is pleased to announce the public filing of a draft prospectus ("
") with the Israeli Securities Authorities ("
") in connection with its previously announced application to list the Company's securities on the Tel Aviv Stock Exchange ("
") (the "
Chief Financial Officer
The public filing of the Israeli draft prospectus is significant as the Company heads towards the imminent TASE listing. The timing is fortuitous as the interest in local oil companies has peaked in Israel ahead of the upcoming drilling programs in the region, as well as certain international major E+P companies announcing their intention of entering the offshore Cyprus and Israel oil and gas fields
The Listing is subject to the receipt of all applicable regulatory approvals, including approval of the TASE and the ISA.
Adira further announces that it has also filed a preliminary short form prospectus ("
") with the securities regulatory authorities in
in connection with a fully marketed "best efforts" offering of units (the "
") through a syndicate of agents led by M Partners Inc. and including Dundee Securities Ltd. (collectively, the "
"). Sunel Securities Inc. is acting as a member of the selling group in connection with the Offering. The Offering may also be made in such other jurisdictions outside of
the United States
as agreed between the Company and the Agents.
The Offering is subject to the receipt of all regulatory approvals, including approval of the TSX Venture Exchange and the Canadian securities regulators.