DS Apex assists in funding exploration work programs, working capital
By Devika Patel
Knoxville, Tenn., Nov. 28 - Adira Energy Ltd. said it has arranged a private placement of units to raise between $15 million and $30 million. The deal will be conducted by lead agent DS Apex Mergers & Acquisitions Ltd.
The company will sell units of one common share and one half-share warrant at C$0.37 each. The whole warrants are exercisable at C$0.60 each for three years. The strike price reflects a 100% premium to the Nov. 25 closing share price of C$0.30.
Proceeds will be used to invest in prospects, for exploration work programs, future joint programs and general working capital.
The oil and gas exploration company is based in Vancouver, B.C.
| Issuer: | Adira Energy Ltd.
|
| Issue: | Units of one common share and one half-share warrant
|
| Amount: | $15 million (minimum), $30 million (maximum)
|
| Price: | C$0.37
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Three years
|
| Warrant strike price: | C$0.60
|
| Agent: | DS Apex Mergers & Acquisitions Ltd. (lead)
|
| Pricing date: | Nov. 28
|
| Stock symbol: | TSX Venture: ADL
|
| Stock price: | C$0.30 at close Nov. 25
|
| Market capitalization: | C$30.53 million
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