Davis LLP Represents Adulis Resources in $50 Million Financing, Acquisition and Admission to AIM

Published: Friday, 3 December 2004

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Davis LLP acted as advisor to Adulis Resources of Calgary in completing a placing and sale of 18,181,000 common shares for gross proceeds of approximately $50,000,000.

Adulis intends to use the net proceeds of the placing, together with other funds currently available, to conduct exploration activities on its oil and gas prospects in Colombia and for general corporate purposes.

Adulis has also completed the acquisition of all of the issued and outstanding shares of Solana Petroleum Exploration (Colombia) Limited in exchange for 12 million common shares of Adulis.

The issued and outstanding common shares are listed on the TSX Venture Exchange and have been admitted to trading on the Alternative Investment Market (AIM) of the London Stock Exchange plc.

Adulis was advised by a team at Davis LLP in Calgary that included Roy Hudson and Daniel Kenney.