The securities offered in connection with the Offering 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 within
Over the past year, the Company has undertaken an initiative to reduce overhead costs, cut capital expenses and settle accounts with creditors. As a function of this initiative, the Company has, among other things, dismissed key personnel, reduced salaries of employees, and terminated leases. Additionally, the Company has entered into a settlement agreement with
Adira further announces that it intends to seek the approval of its shareholders at its annual and special meeting of shareholders to be held on
There are currently 60,260,318 issued and outstanding Common Shares. If the Consolidation is approved at the Meeting and implemented by the Board, assuming a maximum ratio of 5:1, the number of Common Shares issued and outstanding following the Consolidation will be approximately 12,052,063.
For additional details regarding the Consolidation, please see the Company's management information circular dated
The proposed Consolidation is subject to shareholder approval and to
Finally, Adira announces that further to its news release dated
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.
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