/NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR
DISSEMINATION IN THE UNITED
STATES/
TORONTO,
Aug. 9, 2012 /CNW/ - ADIRA ENERGY
LTD. (TSXV: ADL) (OTCBB: ADENF) (FRANKFURT: AORLB8). Adira Energy Ltd.
("Adira" or the "Company") is pleased to announce the
closing of its previously announced prospectus offering (the
"Offering") of units. Each unit was priced at
$0.14 and consists of one common
share in the capital of the Company (a "Common Share") and
one Common Share purchase warrant (a "Warrant"). Each
Warrant is exercisable to acquire one Common Share at a price of
$0.20 per Common Share until
August 9, 2015. The Offering
was completed by a syndicate of agents co-led by GMP Securities
L.P., Cormark Securities Inc. and Dundee Securities Ltd. and
included Clarus Securities Inc. and FirstEnergy Capital Corp.
PowerOne Capital Markets Limited acted as a member of the selling
group in connection with the Offering.
A total of 79,012,640 units were sold under the
Offering for aggregate gross proceeds of $11.1 million. Commissions of up to 6% in
broker fees and broker warrants were paid on the Offering.
Each broker warrant is exercisable for one Common Share at an
exercise price of $0.14 per Common
Share until August 9, 2014. A
total of 3,353,000 broker warrants were issued. A total of
180,781,093 Common Shares are now issued and outstanding following
the closing of the Offering. Approximately 19,031,096 units were
subscribed for by insiders of the Company.
The net proceeds of the Offering will be used in
accordance with the use of proceeds set out in the final prospectus
dated July 25, 2012, to advance
exploration and development programs on the Gabriella, Yitzhak and
Samuel licenses and for general corporate purposes. Listing
of the Common Shares is subject to final TSX Venture Exchange
approval.
Jeffrey E.
Walter, Chief Executive Officer stated: "We are
pleased to welcome new investors into Adira's already strong
investor base. Adira continues to make excellent progress in being
able to instil the confidence that it can deliver on the promises
that have been made to our shareholders. Over the last several
months we have delivered extensions to all of our licenses,
extended drilling contract commitment dates, added Board members
with significant industry experience, and recently contracted a rig
for our core asset "Gabriella". We continue to make excellent
progress and remain focused on our program in the Eastern
Mediterranean. We confidently believe that Adira's assets and
experienced team will be instrumental in enabling oil to be the
next headline resource in Israel."
The securities referred to in this news release
have not been, nor will they be, registered under the United States
Securities Act of 1933, as amended, and may not be offered or sold
within the United States or to, or
for the account or benefit of, U.S. persons absent U.S.
registration or an applicable exemption from the U.S. registration
requirements. This news release does not constitute an offer
for sale of securities for sale, nor a solicitation for offers to
buy any securities. Any public offering of securities in
the United States must be made by
means of a prospectus containing detailed information about the
company and management, as well as financial statements.
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, 9 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.