This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Adira Energy Announces Filing Of Final Public Prospectus With The Israeli Securities Authority And Appointment Of Independent Israeli Director

TORONTO, Nov. 29, 2012 /CNW/ - ADIRA ENERGY LTD. (TSXV: ADL) (OTCBB: ADENF) ( FRANKFURT: AORLB8). Adira Energy Ltd. (" Adira" or the " Company") is pleased to announce that it has filed a final prospectus (the " Prospectus") with the Israeli Securities Authority (the " ISA") in connection with its previously announced application to list the Company's securities on the Tel Aviv Stock Exchange (the " Listing").

In connection with the Listing, the Company will conduct a fully marketed offering of units (the " Units") in Israel, for aggregate gross proceeds of a maximum of up to $10,320,000 (the " Offering"). Each Unit is comprised of a combination of common shares of the Company (the " Common Shares") and warrants equivalent to two Common Shares, one short-term common share purchase warrant (a " Series 1 Warrant") and one long-term common share purchase warrant (a " Series 2 Warrant").

The final offering pricing and warrant exercise prices will be determined based on a Dutch auction process (the " Auction"), to be conducted in accordance with Israeli securities law. The minimum price per Common Share comprising the Unit set for the opening of the Auction is 0.50 New Israeli Shekels (" NIS") (CAD$0.129). Each Series 1 Warrant will be exercisable to acquire one common share of the Company (a " Warrant Share") at a minimum price of NIS0.50 (CAD$0.129) for a period of 18 months after the closing of the Offering. Each Series 2 Warrant will be exercisable to acquire one Warrant Share at a minimum price of NIS0.55 (CAD$0.14), for a period of 36 months after the closing of the Offering. No binding agreements of purchase and sale will be entered into until a final short form prospectus is filed in Canada disclosing the final pricing and deal size, and a receipt is issued for the final short form prospectus by the Ontario Securities Commission.

The Company intends to use the net proceeds of the Offering to complete the drilling of the first well on the Gabriella license, and to continue the exploration and development activities on the Yitzhak and Samuel offshore licenses.

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG

Markets

DOW 18,232.02 -53.72 -0.29%
S&P 500 2,126.06 -4.76 -0.22%
NASDAQ 5,089.3620 -1.4320 -0.03%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs