Business
Tower Announces Appointment of President and CEO and Non-Brokered Private Placement
Vancouver, British Columbia--(Newsfile Corp. - April 5, 2019) - Tower Resources Ltd. (TSXV: TW...
About this update from Tower Resources Ltd.
[{"type":"text","content":"Tower Announces Appointment of President and CEO and Non-Brokered Private PlacementVancouver, British Columbia--(Newsfile Corp. - April 5, 2019) - Tower Resources Ltd. (TSXV: TWR) (OTCQB: TWRFF) (\"Tower\" or the \"Company\") is pleased to announce, subject to the approval of the TSX Venture Exchange (the \"Exchange\"), that Mr. Joe Dhami has been appointed President and Chief Executive Officer and a member of the Board of Directors of the Company. Mr. Dhami has over 20 years of experience in the capital markets working with portfolio managers, retail brokers and high net worth investors. He is a well respected financial consultant who provides end to end corporate advisory services from the corporate start-up stage through the high growth cycle of a discovery or product launch, with a view to optimizing shareholder value. Companies which achieved success with Mr. Dhami's assistance include Webtech Wireless, a Canadian telematics and location-based service provider that became an industry leader, recognized as one the fastest growing companies that had top line revenue to 35 million, sold product worldwide and was eventually bought by a competitor, and Rainy River Resources, a Canadian based exploration company which discovered an economic gold deposit in northern Ontario and was eventually acquired by a established gold producer which put Rainy River's project into production. Tower's Chairman of the Board, Mr. Gerald Shields, commented, \"We are very pleased to welcome Mr. Dhami as our new CEO. As a longstanding significant shareholder with an extensive knowledge of Tower's assets and potential, and an understanding of the capital markets, he will be a great asset for the Company moving forward.\" The Company also announces that it intends to complete a non-brokered private placement (the \"Private Placement\") of up to 12,500,000 units (each a \"Unit\") at $0.04 per Unit for gross proceeds of up to $500,000. The Company intends to use the net proceeds from the Private Placement to fund a diamond drill program on its Nechako property and for general working capital purposes.Each Unit will consist of one (1) common share in the capital of the Company (each a \"Common Share\") and one-half of one (1/2) transferable Common Share purchase warrant (each whole warrant, a \"Warrant\"). Each Warrant will entitle the holder to purchase...