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Adira Energy Ltd Announces Closing of $11.1 Million Prospectus Financing


Thursday, 9 Aug 2012 10:10am EDT 

Adira Energy Ltd announced 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. 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. 

Company Quote

0.025
0.0050 +25.00%
28 Jul 2014