Adira Energy To List On The TSX Venture Exchange

Adira Energy (OTCBB: ADENF), an oil and gas exploration company with assets in offshore Israel, announced on Wednesday that it has been approved to list on the TSX Venture Exchange. 

Adira Energy has four petroleum exploration licenses: the Eitan, Gabriella, Yitzhak and Samuel licenses, which collectively cover a total of roughly 0.35 million acres in offshore Israel.  In addition, the company has an agreement to farm in to 70% of the Notera license adjacent to the company’s Eitan license.

The company’s shares are expected to start trading on the TSX-V tomorrow under the symbol “ADL”.

On November 23, the company announced the completion of a private placement of 27.5 million subscription receipts at US$0.40 per subscription receipt for total gross proceeds of $11 million. 

On November 30, the subscription receipts were converted into one Adira common share and one half of one common share purchase warrant.  Each whole warrant will be exercisable for a term of 3 years from the date of issuance at an exercise price of US$0.55. 

As a result of the private placement, BRM Group, a privately-held holding company that invests in Israel-related companies, will own 11.1% of Adira Energy.  

Due to BRM Group’s stake, two of its executives, Eli Barkat and Yael Reznik Cramer, will be nominated for director positions at Adira’s next annual and special shareholder meeting.  

Following listing, the Adira Energy will have 90 million common shares issued and outstanding, 19.5 million warrants, and 5.7 million options outstanding. 

Since the announcement, Adira’s share price on the OTCBB has rallied 20% to trade at $0.48 as of 3:30pm EST.  

Story by ProactiveInvestors

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