Following reports last week of leading Israeli business figures, such as Eitan Wertheimer, looking to get into the hot local energy exploration field, it turns out that billionaire investor George Soros has entered the sector.
Canada-based oil and gas exploration company Adira Energy Ltd. (TSXV: ADL; OTC Bulletin Board: ADENF; Frankfurt: AORLB8) said that private investment fund Quantum Partners LP, managed by Soros Fund Management LLC, has invested $6.5 million in the firm through a private placement.
The company will issue 10,483,871 common shares at a price of $0.62 per share.
Adira Energy Ltd. has four petroleum exploration licenses - the onshore Eitan license in the Hula Valley, and offshore licenses Gabriella, Yitzhak, and Samuel.
Existing investors in Adira Energy include Eli Barkat's BRM Capital.
Adira Energy operates in Israel through its wholly owned subsidiary Adira Energy Israel Ltd.
Adira Energy Ltd.'s share price soared 21% in late morning trading to give a market cap of $56.38 million.
Published by Globes [online], Israel business news - www.globes-online.com - on February 14, 2011
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