Receipts convert to units of one common share and a half-share warrant
By Devika Patel
Knoxville, Tenn., Nov. 23 - Adira Energy Ltd. said it completed a private placement of subscription receipts. The deal priced for $6 million on Aug. 6 and was increased to $10 million on Oct. 29. The company raised $11 million in this placement via agent DS Apex Mergers & Acquisitions Ltd.
The company sold 27.5 million subscription receipts at $0.40 apiece. The price per receipt is identical to the Aug. 5 closing share price.
BRM Group Ltd. invested $4 million.
Each subscription receipt converts into a unit of one common share and one half-share warrant. Each whole warrant is exercisable at $0.55 for three years. The strike price is a 37.5% premium to the Aug. 5 closing share price.
The oil and gas exploration company is based in Vancouver, B.C.
| Issuer: | Adira Energy Ltd.
|
| Issue: | Subscription receipts
|
| Amount: | $11 million
|
| Receipts: | 27.5 million
|
| Price: | $0.40
|
| Warrants: | One half-share warrant per unit upon conversion
|
| Warrant expiration: | Three years
|
| Warrant strike price: | $0.55
|
| Agent: | DS Apex Mergers & Acquisitions Ltd.
|
| Investor: | BRM Group Ltd. (for $4 million)
|
| Pricing date: | Aug. 6
|
| Upsized: | Oct. 29
|
| Settlement date: | Nov. 23
|
| Stock symbol: | OTCBB: ADENF
|
| Stock price: | $0.35 at close Aug. 6
|
| Market capitalization: | $21.92 million
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