Post by
tooez1 on Sep 29, 2014 5:56pm
Finally released by Adira....
Consolidation and loss of licenses...
Interesting to see what tomorrow will bring since traders knew earlier today and did nothing....
Press release from CNW Group Adira Energy completes share consolidation and announces expiration of the Gabriella license Monday, September 29, 2014 Adira Energy completes share consolidation and announces expiration of the Gabriella license 17:41 EDT Monday, September 29, 2014 TORONTO, Sept. 29, 2014 /CNW/ - ADIRA ENERGY LTD. (TSXV: ADL) (OTCBB: ADENF) (FRANKFURT: 0AM1). Adira Energy Ltd. ("Adira" or the "Company") announces that, further to its news release dated July 14, 2014, the TSX Venture Exchange (the "Exchange") has approved the consolidation of the Company's issued and outstanding common shares (the "Shares") on the basis of one (1) post-consolidation Share for every five (5) pre-consolidation Shares (the "Consolidation"). The Consolidation will be effective September 29, 2014, (the "Effective Date") and the Shares will begin trading on a consolidated basis on Wednesday, October 1, 2014. The Consolidation was approved by shareholders at the Company's Annual and Special Meeting held on August 12, 2014. The 61,460,318 pre-Consolidation Shares will be consolidated to 12,292,021 post-Consolidation Shares. No fractional Shares will be issued as a result of the Consolidation. Any resulting fractional post-Consolidation Shares will be rounded down to the nearest whole Share. The exercise price and the number of Shares issuable under any of the Company's outstanding Share purchase warrants and incentive stock options will be proportionately adjusted to reflect the Consolidation. For a period of approximately two weeks following the Effective Date, the Company's symbol on the OTCBB will be changed to "ADEND". The Company has been informed by its joint venture partner that the Petroleum Commissioner in the Ministry of National Infrastructure, Energy and Water of the State of Israel provided notice that Petroleum License No. 378 (the "Gabriella License") has expired due to the milestones in the work program not being achieved. Notice was also provided that the Yam Hadera License has expired for the same reasons. The Company held a 15% interest in the Gabriella License and had an option to acquire up to a 15% interest in the Yam Hadera License. The Company continues to hold a 15% interest in Petroleum License No. 380 (the "Yitzhak Licence").