Business
Tower Resources Closes Non-Brokered Private Placement
Vancouver, British Columbia--(Newsfile Corp. - May 8, 2019) - Tower Resources Ltd. (TSXV: TWR) (OTCQB: TWRFF) ("Tower" or the "Company") is pleased to announce
About this update from Tower Resources Ltd.
[{"type":"text","content":" Vancouver, British Columbia--(Newsfile Corp. - May 8, 2019) - Tower Resources Ltd. (TSXV: TWR) (OTCQB: TWRFF) (\"Tower\" or the \"Company\") is pleased to announce that the non-brokered private placement previously announced on April 5, 2019 (the \"Private Placement\") has now closed. Under the Private Placement, the Company issued 12,500,000 units (each a \"Unit\") at a price of $0.04 per Unit for gross proceeds of $500,000. Each Unit was comprised 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 entitles the holder to purchase one Common Share at price of $0.10 per Common Share until May 8, 2020. 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. All securities issued under the Private Placement, including securities issuable on exercise thereof, are subject to a hold period expiring September 9, 2019. In connection with the Private Placement, the Company paid a total of $3,535.00 in cash to eligible finders who introduced subscribers to the Private Placement. About Tower Resources Tower is a Canadian based mineral exploration company focused on the discovery and advancement of economic mineral projects in the Americas. The Company's key exploration assets are the Rabbit North copper-gold porphyry project located between the New Afton and Highland Valley Copper mines, the Nechako gold project near New Gold's Blackwater project and the More Creek and Voigtberg gold projects in the Golden Triangle area of Northern British Columbia. On behalf of the Board of Directors,Tower Resources Ltd. Joe Dhami - President and CEO(604) 558-2565www.towerresources.ca Reader Advisory This news release may include forward-looking information that is subject to risks and uncertainties. All statements within, other than statements of historical fact, are to be considered forward-looking, including statements with respect to the closing of the Private Placement and use of proceeds from the Private Placement. Although the Company believes the expectations expressed in such forward-looking information are based on reasonable assumptions, such information is not a guarantee of future perf...