Adira Energy Announces Filing of Public Draft Prospectus with the
Israeli Securities Authorities in Advance of Tel Aviv Stock
Exchange Listing and Filing of Canadian Preliminary Short Form
Prospectus
TSX.V: ADL
/NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR
DISSEMINATION IN THE UNITED
STATES/
TORONTO,
Nov. 7, 2012 /CNW/ - ADIRA ENERGY
LTD. (TSXV: ADL) (OTCBB: ADENF) (FRANKFURT: AORLB8). Adira Energy Ltd.
("Adira" or the "Company") is pleased to announce the
public filing of a draft prospectus ("Prospectus") with the
Israeli Securities Authorities ("ISA") in connection with
its previously announced application to list the Company's
securities on the Tel Aviv Stock Exchange ("TASE") (the
"Listing").
Gadi
Levin, the Company's Chief Financial Officer
commented, "The public filing of the Israeli draft prospectus is
significant as the Company heads towards the imminent TASE listing.
The timing is fortuitous as the interest in local oil companies has
peaked in Israel ahead of the
upcoming drilling programs in the region, as well as certain
international major E+P companies announcing their intention of
entering the offshore Cyprus and
Israel oil and gas
fields."
The Listing is subject to the receipt of all
applicable regulatory approvals, including approval of the TASE and
the ISA.
Adira further announces that it has also filed a
preliminary short form prospectus ("Canadian Prospectus")
with the securities regulatory authorities in Ontario, British
Columbia and Alberta in
connection with a fully marketed "best efforts" offering of units
(the "Offering") through a syndicate of agents led by M
Partners Inc. and including Dundee Securities Ltd. (collectively,
the "Agents"). Sunel Securities Inc. is acting as a member
of the selling group in connection with the Offering. The Offering
may also be made in such other jurisdictions outside of
Canada, including the United States and Israel as agreed between the Company and the
Agents.
The Offering is subject to the receipt of all
regulatory approvals, including approval of the TSX Venture
Exchange and the Canadian securities regulators.
Copies of the Canadian Prospectus may be
obtained on www.sedar.com under the Company's profile.
The securities referred to in this press release
have not been, nor will they be, registered under the United States
Securities Act of 1933, as amended, and may not be offered or sold
in the United States or to, or for
the account or benefit of, U.S. persons absent registration or an
applicable exemption from registration requirements. This press
release shall not constitute an offer to sell or the solicitation
of an offer to buy any securities. Any public offering of
securities in the United States
must be made by means of a prospectus containing detailed
information about the company and management, as well as financial
statements.
About Adira Energy Ltd.
Adira Energy Ltd. is an oil and gas company which focuses on
offshore Israel. The Company has
three main petroleum exploration licenses; the Gabriella, Yitzhak
and Samuel Licenses. These licenses are located respectively 10 km
offshore between Netanya and Ashdod, 9 km offshore between Hadera
and Netanya and adjacent to the coast between Ashkelon and Palmachim.
Forward-Looking Statement Disclaimer
This press release includes certain statements
that may be deemed "forward-looking statements". Other than
statements of historical facts, all statements in this press
release, including statements with respect to the Listing and the
Offering, are forward-looking statements. There is no
assurance that the Listing will be obtained, that the Offering will
close or that the requisite regulatory approvals will be received.
Although the Company believes the expectations expressed in such
forward-looking statements are based on reasonable assumptions,
such statements are not guarantees of future performance, and
actual results or developments may differ materially from those in
the forward-looking statements. Forward-looking statements are
based on the Company's internal projections, estimated or beliefs,
concerning, among other things an outlook on the estimated amounts
and timing of exploration work and capital expenditures or other
expectation, beliefs, plans, objectives, assumption, intentions or
statements about future events or performance, which are considered
by management to be reasonable at the time made. Actual events or
results may differ materially. Although the Company believes that
the expectations reflected in the statements are reasonable, it
cannot guarantee future results since such results are inherently
subject to significant business, economic, corporate, political and
social uncertainties and contingencies. Many factors cause the
Company's actual results to differ materially from those expressed
or implied in any forward looking statements made by, or on behalf
of, the Company and the foregoing stated factors are not
exhaustive. The statements contained herein are made as of the date
hereof and the Company disclaims any intent or obligation to update
publicly any forward looking statements, whether as a result of new
information, future events or results or otherwise, except as
required by applicable law. Company shareholders and potential
investors should carefully consider the information contained in
the Company's filing with Canadian securities administrators at
www.sedar.com before making investment decisions with regard to the
Company.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
SOURCE Adira Energy Ltd.