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TSX.V: ADL
VANCOUVER,
May 2, 2012 /CNW/ - ADIRA ENERGY
LTD. (TSXV: ADL) (OTCBB: ADENF) (FRANKFURT: AORLB8). Adira Energy
Ltd. ("Adira" or the "Company") is pleased to
announce that the Company's Board of Directors has approved the
listing of Adira's common shares on the Tel Aviv Stock Exchange
("TASE") in Israel (the
"TASE Listing"). In connection with the potential TASE
Listing, the Company has filed a preliminary prospectus with the
Israeli Securities Authorities ("ISA") and the necessary
application with TASE. The TASE Listing is subject to the receipt
of all applicable regulatory approvals, including approval of the
TSX Venture Exchange (the "TSXV"), the ISA and the
TASE. In the Company's view, the TASE Listing is still
conditional and there can be no assurance that such listing will be
completed.
As part of the TASE Listing, the Company has
called a special meeting of the shareholders, currently scheduled
to take place on May 30, 2012 in
Toronto, Ontario (the
"Meeting"), in order to propose the change in the Company's
by-laws to conform the by-laws to the requirements of the relevant
laws and regulations in Israel.
The Company's management information circular prepared in
connection with the Meeting will be filed on SEDAR on May 2, 2012.
The Company's common shares are currently listed
on the TSXV. The Company intends to maintain the listing and
posting for trading of its common shares on the TSXV such that the
Company's common shares will be listed on both the TSXV and the
TASE.
The Board of Directors of the Company determined
that it was in the best interests of the Company to have its common
shares listed on both the TSXV and the TASE to:
- Assist in creating greater public awareness of Adira in
Israel
- Demonstrate the Company's commitment to Israel given the location of the Company's
licenses
- Provide Israeli investors and institutions with easier access
to ownership of Adira's common shares while maintaining Adira's
strong North American investor and institutional base
- Better engage Israeli investment banks and other sources of
capital in the Company and its projects while maintaining Adira's
existing relationships with North American investment banks and
sources of capital
Gadi Levin,
the Company's Chief Financial Officer commented that "the
TASE listing will broaden Israeli participation in the Company's
projects and could in the future provide the Company with access to
additional capital to advance the Company's work programs." Mr.
Levin went on to say that "even though the Company sees
advantages to listing its shares on TASE, management and the board
believe that maintaining the listing of the Company's shares on the
TSX Venture Exchange in Toronto is
a key part of the execution of the Company's strategy and the
Company's future."
About Adira Energy Ltd.
Adira Energy Ltd. is an oil and gas company
which is focused in the eastern Mediterranean. The Company has
three petroleum exploration licenses offshore Israel; the Gabriella, Yitzhak and Samuel
Licenses. These licenses are located respectively 10 km offshore
between Netanya and Ashdod, 17 km offshore between Hadera and
Netanya and adjacent to the coast between Ashkelon and Bat-Yam.
Forward-Looking Statement Disclaimer
This press release includes certain statements
that may be deemed "forward-looking statements". All statements in
this press release, other than statements of historical facts are
forward-looking statements. Although the Company believes the
expectations expressed in such forward-looking statements are based
on reasonable assumptions, such statements are not guarantees of
future performance, and actual results or developments may differ
materially from those in the forward-looking statements.
Forward-looking statements are based on the Company's internal
projections, estimated or beliefs, concerning, among other things
an outlook on the estimated amounts and timing of exploration work
and capital expenditures or other expectation, beliefs, plans,
objectives, assumption, intentions or statements about future
events or performance, which are considered by management to be
reasonable at the time made. Actual events or results may differ
materially. Although the Company believes that the expectations
reflected in the statements are reasonable, it cannot guarantee
future results since such results are inherently subject to
significant business, economic, corporate, political and social
uncertainties and contingencies. Many factors cause the Company's
actual results to differ materially from those expressed or implied
in any forward looking statements made by, or on behalf of, the
Company and the foregoing stated factors are not exhaustive. The
statements contained herein are made as of the date hereof and the
Company disclaims any intent or obligation to update publicly any
forward looking statements, whether as a result of new information,
future events or results or otherwise, except as required by
applicable law. Company shareholders and potential investors should
carefully consider the information contained in the Company's
filing with Canadian securities administrators at www.sedar.com
before making investment decisions with regard to the Company.
Neither the TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for
the adequacy or accuracy of this release.
SOURCE Adira Energy Ltd.