May 7, 2015 - 5:19 PM EDT
Adira Energy Announces Closing of Private Placement
TORONTO, May 7, 2015 /CNW/ - Adira Energy Ltd. (TSX Venture Exchange: ADL, OTCBB: ADENF, Frankfurt: 0AM1) ("Adira" or the "Company"), is pleased to announce that it has closed its previously announced non-brokered private placement for gross proceeds of $241,000 (the "Offering") through the issuance of 4,820,000 units (the "Units") at a price of $0.05 per Unit. As previously announced, each Unit consists of one common share in the capital of the Company (the "Common Shares") 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 "Warrants").
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 until September 8, 2015.
Adira intends to use the net proceeds from the Offering for general working capital purposes.