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").
About Adira Energy Ltd.
Adira Energy Ltd. is an oil and gas company which is focused in
the Eastern Mediterranean. The Company has one petroleum
exploration licenses offshore Israel, the Yitzhak license, located 17 km
offshore between Hadera and Netanya.
Forward-Looking Statement Disclaimer
This press release includes certain statements that may be
deemed "forward-looking statements". All statements in this press
release, other than statements of historical facts, are
forward-looking statements. 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.