Adira Energy Announces Engagement of Israeli Offering Agent; Private Placement, and Lead Investor

Company News

ADIRA ENERGY LTD. (TSXV: ADL) (OTCBB: ADENF) (FRANKFURT: AORLB8). Adira Energy Ltd. announced that it has engaged DS Apex Mergers & Acquisitions Ltd. to act as lead agent in Israel, of a private placement of securities, for gross proceeds of approximately Canadian Dollar equivalent of US$15 million or other amount dependent upon certain circumstances, to a maximum of approximately Canadian Dollar equivalent US$30 million, consisting of one common share in the capital of the Company and one half of one warrant at a price of $0.37.

As quoted in the press release:

ADIRA ENERGY LTD. (TSXV: ADL, OTCBB: ADENF, FWB: AORLB8). announced that it has engaged DS Apex Mergers & Acquisitions Ltd. to act as lead agent in Israel, of a private placement of securities, for gross proceeds of approximately Canadian Dollar equivalent of US$15 million or other amount dependent upon certain circumstances, to a maximum of approximately Canadian Dollar equivalent US$30 million, consisting of one common share in the capital of the Company and one half of one warrant at a price of $0.37.

As quoted in the press release:

“As part of the conditions to the Lead Investor’s participation in the Private Placement, the Company will pursue a Tel Aviv Stock Exchange Listing by April 30, 2012, which may be extended up to six months under certain conditions.”

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