FORM 51-102F3
MATERIAL CHANGE REPORT
ITEM 1 —— | Name and Address of Company |
Adira Energy Ltd. (the “Company”) | |
120 Adelaide Street West | |
Suite 800 | |
Toronto, ON | |
M5H 1T1 | |
ITEM 2 —— | Date of Material Change |
July 22, 2014 | |
ITEM 3 —— | News Release |
A news release was disseminated on July 23, 2014 through CNW Group Ltd. | |
ITEM 4 —— | Summary of Material Change |
The Company closed a non-brokered private placement (the “Offering”) by issuing 1,200,000 common shares at a price of US$0.05 per common share for gross proceeds of US$60,000. | |
ITEM 5 —— | Full Description of Material Change |
The Company closed the Offering by issuing 1,200,000 common shares at a price of US$0.05 per common share for gross proceeds of US$60,000. The common shares issued at closing are subject to resale restrictions pursuant to applicable securities laws requirements and notably to a hold period of four months plus one day from the closing date, expiring on November 22, 2014. The Offering remains subject to final acceptance by the TSX Venture Exchange. | |
ITEM 6 —— | Reliance on Section 7.1(2) of National Instrument 51-102 |
N/A | |
ITEM 7 —— | Omitted Information |
N/A | |
ITEM 8 —— | Executive Officer |
For further information, please contact: | |
Alan Friedman, Executive Vice-President Corporate Development | |
(416) 250- 1955 | |
ITEM 9 —— | Date of Report |
July 30, 2014 |