Tower Closes Second Tranche of Non Brokered Private Placement
18 April 2014 - 3:05AM
Access Wire
VANCOUVER B.C. / ACCESSWIRE / April 17, 2014
/ Tower Resources Ltd. ("Tower" or the "Company") is
pleased to announce that, further to its news release of April 1,
2014, the Company has completed the second and final tranche of its
private placement offering (the "Offering") of units of the Company
(the "Units") at a price of five cents per Unit.
Under the Offering, the Company sold an additional 1,080,000
Units, combined with 13,920,000 Units from its first tranche for an
aggregate total of 15,000,000 Units for gross proceeds of
$750,000.
Each Unit consists of one common share of the Company and
one-half of one common share purchase warrant (each whole warrant,
a "Warrant"). Each Warrant will entitle the holder thereof to
acquire an additional common share of the Company at a price of
$0.10 per share for a period of 24 months expiring April 1, 2016.
Upon completion of the four month statutory hold period, the
Company may accelerate the expiry of the Warrants if the twenty-day
volume-weighted average trading price of the Company's common
shares is greater than $0.20 provided that (a) the Company gives
notice of the same in writing to the holder of the Warrants, and
(b) the accelerated expiry date is a date which is not less than 30
calendar days after the date of such notice.
The net proceeds from the Offering will be used for general
working capital purposes.
All of the securities issued under the second tranche of the
Offering are subject to a statutory hold period until August 17th,
2014 in accordance with applicable Canadian securities laws.
This news release does not constitute an offer to sell or a
solicitation of an offer to sell any of the securities in the
United States. The securities have not been and will not be
registered under the United States Securities Act of 1933, as
amended (the "U.S. Securities Act") or any state securities laws
and may not be offered or sold within the United States or to U.S.
Persons unless registered under the U.S. Securities Act and
applicable state securities laws or an exemption from such
registration is available.
For further information contact:
Mark Vanry - Director, CEO & President
(604) 558-2565
mvanry@towerresources.ca
www.towerresources.ca
Neither the TSX Venture Exchange nor the Investment
Industry Regulatory Organization of Canada accepts responsibility
for the adequacy or accuracy of this release.
Forward-Looking Statement Caution
This news release contains certain "forward-looking
statements", as defined in the United States Private Securities
Litigation Reform Act of 1995, and within the meaning of Canadian
securities legislation. Such statements include, without
limitation, statements regarding the proposed use of proceeds from
the Offering. The Company cautions that forward-looking statements
are based on the beliefs, estimates and opinions of the Company's
management on the date the statements are made and they involve a
number of risks and uncertainties. Consequently, there can be no
assurances that such statements will prove to be accurate and
actual results and future events could differ materially from those
anticipated in such statements. The Company undertakes no
obligation to update these forward-looking statements if
management's beliefs, estimates or opinions, or other factors,
should change, except as required by law. Factors that could cause
future results to differ materially from those anticipated in these
forward-looking statements include, the Company's inability to
secure subscriptions from investors to complete the proposed
financing in whole or in part, a management decision to change the
use of proceeds based on changing circumstances, the volatility of
metals prices, volatility in the market for the Company's
securities and market for equities generally, and other risks
associated with mineral exploration. The reader is urged to refer
to the Company's public disclosure which is available through the
Canadian Securities Administrators' System for Electronic Document
Analysis and Retrieval (SEDAR) at www.sedar.com for a more complete
discussion of such risk factors and their potential
effects.
SOURCE: Tower Resources Ltd.
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