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Adira Energy Ltd. has arranged a non-brokered private placement for gross proceeds of up to $350,000 through the proposed issuance of up to 7,000,000 units at a price of $0.05 per Unit, with each Unit consisting of one common share in the capital of the Company and one warrant to purchase Common Shares exercisable at $0.05 per share for a period of 36 months from the closing of the Offering.
The closing date for the Offering has not yet been determined but is expected to occur by May 8 , 2015. The Units issued under the Offering, including the Common Shares issuable upon the exercise of the Warrants, will all be subject to a statutory hold period of four months and one day. Completion of the Offering is subject to the receipt of all applicable corporate and regulatory approvals, including that of the TSX Venture Exchange.
Adira intends to use the net proceeds from the Offering for general working capital purposes.
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